Spring Break
Credit Card 'Debt Disease'
Average college students may graduate with a credit card debt of $3,000 or more
Iymaani F. Walker
Issue date: 2/27/08 Section: News
Credit card debt is a growing disease among college students. They may not recall where or how they caught the disease.
From the mail?
From telemarketers?
Or from internet advertisement?
Either way, students now contribute to the credit card industry's fastest growing markets.
According to www.KeepItInYourPants.org, an estimated 78 percent of college students and 41 percent of graduating seniors have debt with credit cards having a balance of $3,000 and over.
Bennett College students take out loans and use their credit cards everyday -- all of which may contribute to the debt disease. In fact, recently students were forced to rely on their credit cards to purchase textbooks. Beginning spring semester, Bennett no longer had a bookstore on campus. Students had to use credit cards to purchase textbooks from ecampus.com. The credit card charges included the price of the book plus shipping and handling fees.
Shawn Guy, assistant director of financial aid at Bennett College for Women, says there is no correlation between student loans and credit card debt.
"There are numerous ways to pay the College," Guy said.
He says credit cards are important in establishing credit history, but one must use them wisely. He said that students should use one or two credit cards, but only for emergency situations.
Julie Beard said that Bennett students rarely use credit cards to pay off anything, "unless it's an emergency."
She advises students to use only one major credit card and to not use it often.
"There are a handful of students that use credit cards to make payments. Others [Bennett students] have loans, scholarships, and payment arrangement plans," Beard said. Beard is a cashier of Student Accounts at Bennett.
According to www.womens-finance.com, peer pressure may be a cause of credit card debt among college students. Students are influenced to keep up with trends, such as Facebook and Myspace advertisements that ensure zero percent interest and no annual fees for students.
From the mail?
From telemarketers?
Or from internet advertisement?
Either way, students now contribute to the credit card industry's fastest growing markets.
According to www.KeepItInYourPants.org, an estimated 78 percent of college students and 41 percent of graduating seniors have debt with credit cards having a balance of $3,000 and over.
Bennett College students take out loans and use their credit cards everyday -- all of which may contribute to the debt disease. In fact, recently students were forced to rely on their credit cards to purchase textbooks. Beginning spring semester, Bennett no longer had a bookstore on campus. Students had to use credit cards to purchase textbooks from ecampus.com. The credit card charges included the price of the book plus shipping and handling fees.
Shawn Guy, assistant director of financial aid at Bennett College for Women, says there is no correlation between student loans and credit card debt.
"There are numerous ways to pay the College," Guy said.
He says credit cards are important in establishing credit history, but one must use them wisely. He said that students should use one or two credit cards, but only for emergency situations.
Julie Beard said that Bennett students rarely use credit cards to pay off anything, "unless it's an emergency."
She advises students to use only one major credit card and to not use it often.
"There are a handful of students that use credit cards to make payments. Others [Bennett students] have loans, scholarships, and payment arrangement plans," Beard said. Beard is a cashier of Student Accounts at Bennett.
According to www.womens-finance.com, peer pressure may be a cause of credit card debt among college students. Students are influenced to keep up with trends, such as Facebook and Myspace advertisements that ensure zero percent interest and no annual fees for students.