Preying on Our Future

Preying on Our Future:

Credit Cards on College Campuses

Jessica Umphries

COM/156

10/16/2011

Professor Shively

Today’s college students come in many forms. Some are young, just out of high school, and inexperienced in life. Others are returning students, late bloomers, or single parents. No matter what the age, gender, color, or creed of these college students, they are under an immense amount of pressure. Not only does the average student worry about issues such as course loads, roommates, and homesickness, but he or she now faces economic stress. Some students have financially tenuous home situations, and do not have money for books and supplies. Most college students currently have or are desperately searching for part time jobs just to keep themselves in school (Hamill, 2009). Credit card companies should not be allowed to prey on college students by offering lines of credit to those who are financially strapped and unable to cope with the responsibilities of a credit card.

Approximately 70 percent of all college students are only able to attend because of federal financial aid such as the Pell Grant or Stafford Loans ("Digest of Education Statistics", 2010).  Typically, these students utilize the financial aid because they would not be able to afford a college education otherwise. For these students, money is tight and frivolous spending is not an option in their current budgets. Some students might even be desperately looking for a way to pay bills and survive the next few months until more money is available to them. A study released by Sallie Mae, a financial aid lending company, found that the average college student carried approximately $3,200 in credit card debt in 2008. On average, $2,200 of that may be attributed to educational expenses. With the decline of the economy,...