Halifax: Scottish students 'most likely' to have a credit card

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Halifax: Scottish students 'most likely' to have a credit card

Wed 27th Aug 2008

Students in Scotland are more likely to have a credit card than students elsewhere in the UK, research from Halifax has shown.

According to the figures released by the bank, some 44 per cent of students in Scotland have a credit card, compared to the UK average of 37 per cent.

Some 80 per cent of UK students have a loan, while 64 per cent have an overdraft, which indicates that credit cards are used for their added protection and functionality, rather than as a source of student debt. the organisation suggested.

While female students carry an average credit card balance of £255.50, male students owe £173.20, the study found.

Earlier this week, Sainsbury's Bank called for more transparency in credit card reward schemes, particularly as 23 per cent of people signed on to such a scheme admitted they did not know how to redeem their rewards.

A further 24 per cent asserted that the process for redeeming rewards was too difficult.

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