Abstract

This study examines the effects of gender, ethnicity, and work experience on college students’ credit card debt and reveals that ethnicity, gender, and work experience are important factors affecting the amount of college students’ credit card debt. Male students tend to have more credit card debt than female students, whereas students without work experience tend to accrue more credit card debt than students with work experience. Hispanic and African-American students tend to accumulate more credit card debt than Caucasian, Asian, Pacific-Islander, and other students. More important, the three-way interaction effect shows that African-American male students with work experience and Hispanic female students without work experience tend to amass the highest levels of credit card debt. Financial educators and wealth advisors should encourage responsible behavior, such as reducing existing debt, among these vulnerable groups of college students. They should also ensure that effective educational programs on using credit cards are available to college students and that the educational programs enhance their financial learning and experience of using credit cards. <b>TOPICS:</b>Wealth management, credit risk management

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