The study shows little variation in credit card ownership by students’ family income (see Table 1). The only minor difference is that students with family incomes of $80,000 or more were slightly more likely to own a credit card than those with incomes of less than $40,000 (58 percent versus 54 percent, respectively). The likelihood of owning a credit card did increase as students progressed through their academic careers. Forty-three percent of first-year undergraduates owned credit cards, compared with 74 percent of fourth- and fifth-year students. Further, students became more likely to hold multiple cards as they advanced through college. In the first year of college, only 8 percent of all undergraduates owned three or more cards. By the fourth or fifth year, 24 percent of students held that many cards.