$6000 Credit Lines for College Students
Will $6000 cover fall's back-to-school textbooks?!
Banks increase credit lines to undergraduates.
Oak Brook (IL).September 6, 2005: According to a United College Marketing Services, credit lines for some college undergrads have topped $6,000. Larry Chiang, Chairman of UCMS, said “Issuers are granting these record levels of credit line to “lock-out” competitors”. “Issuing super high credit lines keeps your card members credit line maxed out so your next competitor is hesitant to increase the credit line”, Chiang added.
Other college credit card statistics including college student charge-off rates, average credit card balances, average APRs, etc are available here.
This trend is merely a step in the chain of events that adds to the accelerated maturity of today's young adult. “Credit lines rising and default rates dropping all indicate accelerated consumer maturation”, Chiang explains. “While charge-offs peaked in the early 80s, there's been a steady decline year after year”, Chiang observed.
About United College Marketing Services: UCMS sells Visa, American Express, Mastercard and Discover to college students using client sponsored “credit strategies seminars”. It was established in 1989. Its 1250 representatives go through rigorous training.
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