The Negative Impact On College Students With Credit Cards

1311 words - 5 pages

The Negative Impact on College Students with Credit Cards
To have credit card debt as a adult with a stable job is one thing but to be a struggling college student with it is another. Credit card debit now has a major effect on college campuses as well. A lot of students are able to take care of credit cards well while most end up in a lot of debt. The main reason for this is because the student’s aren’t given enough knowledge on paying their debt on time as well as the credit card companies that harass college students daily. Sadly, the companies could care less about the holes they are allowing the students to put themselves in. The easier credit for students to get a hold of allows for worse outcomes on them. The simple thought to come up with free gifts or a large credit limit, in order to attract college students is a disaster waiting to happen and it should not be allowed on campuses.
Unfortunately, a lot of college students are the main victim for credit card companies. The reason for this is simply because; most college students have their parents to help them when they put themselves in this type of situation, that is helping them getting out of credit card debt.
Another reason is because students have a full life ahead of them, this means more time for interest income to last for more years.
Once a student turns 18 credit cards become legal and therefore appears like the right thing to do. The companies for the credit cards are located across the United Stated at multiple schools and universities. A lot of facilities have begun to notice the companies’ harassment and have began restricting them from coming on campus. With this new motive credit card companies have planned and succeeded in different ways to attract the college students. As an outcome, you can now find different media articles marketing their cards to these students who are willing to partake because of a free food coupon or other items, etc (al, 1994). Due in large part to these marketing efforts, approximately 70 percent of college students possess at least one credit card (Manning, 1999).
Sadly, students are pressured into committing to a credit card company quickly before even looking into it and researching the consequences for the actions that might happen if not responsible. These students aren’t business professionals or have the means of the correct way to budget and finance, and therefore don’t know the way a credit card works. With that being said, it all comes down to the credit card companies and the responsibility of explaining every single detail and showing the legal and financial consequences to the students if they don’t follow through with paying the debt back.
It is so sickening that the credit card companies go as far as approving students that can’t even meet the criteria. It’s as if these companies want the students to fail and struggle in life. You don’t need a job, a verifiable form of income, credit history or even someone else to sign on your...

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