2008 Woodie Awards
Credit card debt solutions help students in need
Maggie Cosgrove
Issue date: 11/5/07 Section: Features
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Finally, that special time of year has come when a person turns yet another year older. For some, this includes turning 18. There are so many glorious privileges that come with the age. You are legal and can act however you please and your parents can no longer tell you what to do. Unfortunately, one now has to be responsible for the consequences of their actions, and sometimes the new temptations are hard to resist.
As that special day rolls around, the mail pattern tends to change, and the letters one receives increase by the dozens. Mixed in with the multiple birthday cards from family and friends and special discounts offered by stores in celebration of one's birthday comes a never-ending stream of credit card applications. Heading off to college within the year, it seems like a great idea to apply for one of these cards and to begin forming a credit history, but one may be entering into a vicious cycle that will leave a college graduate exiting school with more than a hard-earned diploma.
According to InCharge Institute of America, 78 percent of students have at least one credit card, and 98 percent of graduate students carry credit cards. The amount of credit card holders is increasing by the day, and as this number increases, the ages of these card holders decreases.
The average credit card debt owed by college students is about $2,700, with close to a quarter of students owing more than $3,000 and about 10 percent owing more than $7,000. With debts this high, the average student could attend West Chester University and take a full semester of classes.
Why are students giving in to the temptations of these plastic cards if it only causes them more problems in the end? It is simple, really. Most college students are struggling to pay for school with loans and grants, and a credit card seems to be the only reasonable way to fill the void and have some extra spending cash.
Credit card companies are not making this temptation any easier and are taking all measures necessary to grab the attention of vulnerable college students. By offering special student deals and designing new and attractive card faces, resistaning the newest credit card becomes difficult.
As that special day rolls around, the mail pattern tends to change, and the letters one receives increase by the dozens. Mixed in with the multiple birthday cards from family and friends and special discounts offered by stores in celebration of one's birthday comes a never-ending stream of credit card applications. Heading off to college within the year, it seems like a great idea to apply for one of these cards and to begin forming a credit history, but one may be entering into a vicious cycle that will leave a college graduate exiting school with more than a hard-earned diploma.
According to InCharge Institute of America, 78 percent of students have at least one credit card, and 98 percent of graduate students carry credit cards. The amount of credit card holders is increasing by the day, and as this number increases, the ages of these card holders decreases.
The average credit card debt owed by college students is about $2,700, with close to a quarter of students owing more than $3,000 and about 10 percent owing more than $7,000. With debts this high, the average student could attend West Chester University and take a full semester of classes.
Why are students giving in to the temptations of these plastic cards if it only causes them more problems in the end? It is simple, really. Most college students are struggling to pay for school with loans and grants, and a credit card seems to be the only reasonable way to fill the void and have some extra spending cash.
Credit card companies are not making this temptation any easier and are taking all measures necessary to grab the attention of vulnerable college students. By offering special student deals and designing new and attractive card faces, resistaning the newest credit card becomes difficult.
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