Credit card debt: The simple act of reading those words made you want to avert your eyes didn’t it?
College students are ever increasingly becoming the target audience for credit card companies.
Our educational expenses, impulsive lifestyles and for many of us, our first independent living situations together breed the perfect storm for credit card debt. Thus, the market seems to be making a shift, making us a top priority.
Sallie Mae, the nation’s top financial services company, works with college students in paying for and monetarily managing their educational experiences. In 2009 this corporation did a study on the credit card industry as it affects the college student populous. The results showed that as students advance in their schooling, they accumulate more and more debt each year.
USA Today’s Kathy Chu reported on the study in 2009. Seniors in college on average held more than $1,000 more than those of junior year standing. This level of credit card debt is unlike any Sallie Mae has ever seen, 44 percent higher than surveys taken from 2004.
The economy has been declining since this study was completed, which means these numbers most likely have grown. It’s a good time to be in college getting a degree and entering the job market with some credentials. However, it’s not a great time to be funding it.
Not only is the pressure to go to school greater than ever, but also the price tag to do so increases every year. With soaring tuition costs, the pressure to put necessary extraneous expenses on credit cards is in many cases unavoidable.
With the changing economy, student loan providers have had to adapt to the financial climate. Private loans can be difficult to come by for some students, leaving them between a rock and a hard place.
Kate Fisher, an English literature senior said, “I definitely feel targeted; I get credit card applications in the mail almost every day. But I'm really conscious of how important it is to avoid them. I have to be really strict with myself to use it for emergencies only."
Many college students have declined from having a credit card entirely or have really buckled down when it comes to frivolous spending. However, the temptation is hard to ignore when it sits in your wallet… weighing you down.
It’s easy to lose sight of life after college when copious credit card debt can prevent you from having the things you always wanted. ConsumersUnion.org provides some helpful tips for college students concerning their credit as well as clears up some claims that credit companies use to lure in members.
Always consider your reasoning for opening a credit card. If you are doing it solely to save 25 percent on that dress you don’t even really need…better think twice. Make sure you understand all the credit terms before signing up.
One card may be more suitable to your intended plan of usage than another. Also, if you find yourself in credit card debt, don’t hesitate to find help and learn your options. If you wish to learn more about this, I highly suggest you see their website.
Think twice before putting those rounds of drinks on your Visa or before going on a shopping spree at the expense of your credit report. Being in college might feel like a break from reality, but keep in mind that when you finally have the diploma in your hand your debt will be waiting for you.
Reach the columnist at emily.beckley@asu.edu Click here to subscribe to the daily State Press newsletter.
