Free Report: The Accounts Receivable Student Market for Credit Cards: Issues & Trends
Download this Free Report and Learn:
- Why student credit card spending will increase in the current economy and implications for the accounts receivable industry
- How attitudes regarding credit may affect increases in student credit card debt
- The impact of the Fair Debt Collection Practices Act (FDCPA) on the debt collection industry and the FDCPA's role in increasing consumer rights
- Valuable direct insight from students on their perception of the job market and subsequent need for credit
Key Factors for Accounts Receivable Professionals in the Credit Card Market
The Student Market for Credit Cards: Issues & Trends
At the end of 2007, there were a combined 510.3 million MasterCard and VISA credit cards in circulation throughout the U.S. from the top ten card issuers alone. These major card issuers saw a 16 percent growth in their outstanding credit card debt from the prior year. Credit cards are becoming the preferred payment method for the general U.S. consumer population, and this trend has been mimicked within the young-adult segment – specifically the college student and college-aged customer groups.
Download the FREE The Accounts Receivable Student Market for Credit Cards: Issues & Trends Report now!
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Growth in the Credit Card Accounts Receivable Market
In a March 2008 survey by the U.S. Public Interest Research Group (U.S. PIRG), the number of college students stating that they had at least one credit card was reported to be 66 percent of the college student population.
Download The Student Market for Credit Cards: Issues & Trends and discover:
- Why the percentage of students with credit cards has decreased
- Why this lower percentage does not mean fewer accounts in the credit card accounts receivable market as a whole
- How the increase in the total number of students affects the credit card accounts receivables market
Download the FREE The Accounts Receivable Student Market for Credit Cards: Issues & Trends Report now!
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Common Uses of College Student Credit
Of college students with credit cards, 77 percent reported using their cards for routine personal expenses, 57 percent for books and supplies, and 12 percent to pay tuition and fees. As a result, credit cards are proving to be an increasingly indispensable financial tool for a growing number of college-aged students’ everyday needs, according to a study undertaken by the Government Accountability Office (GAO).
Download The Student Market for Credit Cards: Issues & Trends and discover:
- How student spending with credit breaks down across various academic expenses
- How many students are using their credit to pay for their tuition expenses
- How many colleges accept credit cards as a form of payment for tuition and the associated fees for usage
Download the FREE The Accounts Receivable Student Market for Credit Cards: Issues & Trends Report now!
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On-Campus Marketing by Credit Card Companies
Download The Student Market for Credit Cards: Issues & Trends and discover:
- Banks seeking to expand within the credit card accounts receivable market must do so by targeting adults that have never held a credit card – chiefly young adults and, more specifically, college students. Beyond merely expanding their customer base, reaching these young adults is vital for issuers because establishing their card as a "first" credit card creates sentimental value that lends itself to the development of customer and brand loyalty following graduation
- College students are a difficult group to market to due to fickle brand loyalty and awareness
- While on-campus marketing may not work, cross-selling additional bank products often does
Download the FREE The Accounts Receivable Student Market for Credit Cards: Issues & Trends Report now!
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Credit Risk and the Student Accounts Receivables Market
Impulsive consumer behavior is far from restricted to just college students, but widespread use of credit cards among this demographic presents some very real challenges. In large part, obtaining a credit card account has been fairly easy for college students, with many larger issuers actively soliciting them with on-campus marketing. But the reality is that college students are often far from affluent. Many students maintain employment in addition to school schedules in an attempt to earn enough of an income to pay for both the cost of their education and living expenses.
Download The Student Market for Credit Cards: Issues & Trends and learn more about how this challenging demographic affects the credit card accounts receivable market.