College Students and Credit Cards

Paper Summary:

The paper identifies the main concerns regarding college students using credit cards and highlights the implications of student debt on individual students, colleges and the economy. The paper considers potential solutions for colleges, but notes that there is only so much that colleges and the government can do, within the bounds of reason and free enterprise.

From the Paper:

"Credit card companies are increasingly targeting college students. A recent survey showed that 76% of students had cards marketed to them on campus, and a third of them said that free gifts were offered as an inducement to sign up . Card companies love the student market because students typically have few ties to financial institutions, and are thus a source of new customers. In particular, college students represent a demographic that is expected to secure good, white-collar employment once they graduate."

Sample of Sources Used:

• Chu, Kathy. (2008). Credit Cards go after College Students. USA Today. Retrieved October 8, 2008 from http://www.usatoday.com/money/perfi/college/2008-03-30-credit-cards-college_N.htm
• No author. (2001). College Students and Credit Cards. United States General Accounting Office. Retrieved October 8, 2008 from http://www.gao.gov/new.items/d01773.pdf
• Gwin, Harold. (2008). College Students Trapped by Credit Debt. Youngtown Vindicator. Retrieved October 8, 2008 from http://www.vindy.com/news/2008/apr/04/students-trapped-by-credit-terms/
• Wright, Gretchen & Irons, Edie. (2007). New Study Finds Student Loan Debt Increased More than Starting Salary in 2006. Project on Student Debt. Retrieved October 8, 2008 from http://projectonstudentdebt.org/files/pub/2006_state_debt_NR.pdf
• Hawkins, David & Irons, Edie. (2007). High School Counselors Say Debt Worries Affect College Choices. Project on Student Debt. Retrieved October 8, 2008 from http://projectonstudentdebt.org/files/pub/NACAC-Project_release.pdf

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