Stats

Did You Know

• The average teenager spends approximately $5400 each year.
• Collectively, teenagers spend more than $172 billion annually.
• Teens spend 98% of what they earn.
• More students drop out of college due to teen accumulated debt than for academic reasons.
• Amongst blacks in college, it is money, not grades, that represents the single largest barrier to completing their college education.
  The average student borrower now graduates with $27,600 of debt, almost three and a half times what it was a decade ago.
• 84 percent of black students and 66 percent of Latino students graduate with debt.
• Over 70 percent of undergraduates use credit cards to buy school supplies, food and textbooks. 24 percent use their credit cards for tuition.
• Ninety-six percent of graduate students carry an average of six credit cards.
• The average student credit card balance is $2,347.
• The savings rate for all of 2006 was a negative 1 percent, meaning that consumers borrowed to spend
• The 2006 savings rate was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression