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Nearly 70% of Recent College Graduates Damage Credit By Missing Payments: Survey

Recent college graduates are having some problems managing their finances and are making “money mistakes,” according to the results of a new survey.

For example, nearly one-third of individuals who graduated college in 2016 have had a utility bill sent to collections in the past two years. And more than half have missed at least one credit card payment by at least 30 days.

The survey polled 500 individuals who graduated college in 2016 and asked them questions about their financial habits.

Another potential sign of financial trouble is that more recent college graduates have higher balances on their credit cards. Nearly 60% of those who responded said that their current credit card balance is at last 30% of what the available limit is for that card. The credit bureaus consider 30% to be an important threshold in determining an individual’s credit score.

The most common type of loan that individuals are skipping payments on are student loans, followed by automobile loans, according to the survey.

About 30% of respondents have been at least 30 days late on a federal student loan, while 19% were late on private student loan payments, and 15% missed a car payment, according to the survey.

 

 

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