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Credit Card Debit For College Students

1185 words - 5 pages

College is a place where young adults get bombarded with all new types of responsibility. Some college students handle it very well, while others struggle to embrace their newfound responsibilities. One problem that has been causing turmoil in the past decade or so is credit card debt. More and more college students are receiving credit cards and using them to purchase anything from food to paying for their college tuition even when they do not have the money to pay the monthly bill each month. With no way to pay the credit card companies they allow their balance to rollover month after month and grow due to late fees and more purchases until the debt becomes so large some students are ...view middle of the document...

Some of the main reasons include buying food, purchasing over-priced clothes and accessories, and paying for tuition all with credit cards. Several years ago people only cared for name-brand clothes, now people care about name-brand everything. “Today, we wouldn’t be caught dead without furniture for IKEA, kitchen utensils from Williams-Sonoma, or makeup from Estee Lauder” (Rodriguez “Consumerism”). This quote simply says most everyone in today’s society must have name-brand everything, which gets expensive quick. Young adults are the worst when it comes to name-brand. If people have to stay in style constantly then they will have to come up with a ton of money. So if a college student sees the newest pair of Oakley’s or Ray Ban’s he or she will most likely purchase them. If he or she does not have the cash then he or she simply will use their credit card because it is easy and worry free till the monthly bill comes along. By doing this over and over again their debt spirals out of control until the person either pays it off by working two jobs, gets their parents to pay for it, or files for bankruptcy.

One main reason credit card debt is such a large problem is because they are too easy to get a hold of. Credit card companies target college students specifically because they are vulnerable and once in debt parents will usually help the students pay off the debt (Dickler “Credit”). The companies often have contracts with colleges or universities to where they are allowed to set up booths at athletic events and the companies draw students in with free T-shirts, blankets, chairs, etc. to get the students to sign up for a card. In fact most students who sign up to get the free items do not even realize they are signing up for a credit card until it comes in the mail. Colleges and universities make these contracts with the credit card companies simply for revenue purposes. Credit card companies offer millions upon millions of dollars over several years if the college or university allows them to set up booths and/or give them students’ addresses and phone numbers (Glater “The Debt”). Even though some colleges prohibit these contracts, alumni associations affiliated with the college may make these contracts and give out students’ addresses and numbers.

There is no doubt that there needs to be more education and more...

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