CARDS BY SOUTHERN REGION COLLEGE STUDENTS

Although cash purchases seem to be waning in popularity, few researchers have investigated credit card literacy.This study examines college students ' use and knowledge of credit cards. Researchers designed a questionnaire with 24 items and askedbusiness professors in the southern region of the United States to administer the instrument to students in the professors ' classes. Theresults of the 495 responses received are presented in 3 categories:(1) credit card use; (2) credit card knowledge; and (3) demographicinformation. The findings indicate that although most students consider themselves credit-card wise, they are willing to pay thehigh interest rates charged by credit-card companies.'Few studentsdefaulted on their card payments, but over 65 percent of them paidless than half of their outstanding balance each month. Some of the recommendations made include the offering of credit classes in highschools and colleges, financial counseling for students, and further research to determine how many college students experience financialdifficulties due to credit overextension. Eight tables contain statistical summaries and a copy of the questionnaire appears in anappendix. (RJM) Reproductions supplied by EDRS are the best that can be made from the original document