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Student debt effect on students
Student debt effect on students
Presents information regarding credit card debt issues common with college students
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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 c...
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...work in order to read and study for my classes I had. All of this was enough to keep me happy as a college student.
Every single one of my need were met by working extra hours at my job. This can be the same case for all the other students as well. I think that the school and universities should bring a stop to the credit card debt, and prevent students from applying for these credit cards that can lead to lifelong turmoil and issues.
Works Cited
Bianco, C.A. "Ethical Issues in Credit Card Solicitation of College Students." Springerlink. Springerlink, 22 Feb. 2013. Web. 28 May 2014.
Irby, Latoya. "Credit/Debt Management Guide." Credit.about. Credit.about, 8 Oct. 2012. Web. 28 May 2014.
Norvilitis, Jill M. "Credit Card Debt on College Campuses: Causes, Consequences, and Solutions." CBS Interactive. CBS Interactive Business Network, 5 Oct. 2011. Web. 28 May 2014.
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
College is marketed towards students as an essential part of building a successful future. The United States “sells college” to those who are willing to buy into the business (Lee 671). With the massive amounts of student debts acquired every year, and the rising costs of
Dean, L. R., So-hyun, J., Gudmunson, C. G., Fischer, J. L., & Lambert, N. (2013). Debt Begets Debt: Examining Negative Credit Card Behaviors and Other Forms of Consumer Debt. Journal Of Financial Service Professionals, 67(2), 72-84.
Many people would agree that our country’s young adults have and continue to incur a lifetime of debt by enrolling in college. It’s become an almost acceptable understanding that if you plan to attend college, you might as well expect to graduate with an enormous amount of debt. Robin Wilson, a reporter for the “Chronicle of Higher Education,” and author of “A Lifetime of Student Debt? Not Likely” suggests student loans are very real and can be life altering.
Most people today accept the debt that comes from college. Students consider student loan debt as a “good debt.” They see other students make this mistake but follow their path anyway. Nearly 80% of college-bound students have not projected the total amount of money they will need to graduate college.
The student loan "debt has passed $1 trillion... Nearly 20 percent are in default on their student loans" in the United States. Many schools and jobs encourage students to further on their educations but how could students keep up with the total cost of college? Ironically, a strong educated workforce is what will help maintain America in shape but college prices have been going nowhere but up. This can create a strong effect on many of the younger students thinking about attending college, "today 's teenagers might be experiencing more and more "financial anxiety" and aversion to debt than previous generations."(Jake
Denhart, Chris. “How the $1.2 Trillion College Debt Crisis is Crippling Students, Parents, and the Economy.” Forbes. 7 Aug. 2013. Web. 13 Mar. 2015.
We now live in a society where kids start their adult lives “in the red”, as their debt exceeds their income. (Draut, 2005) 60 years ago this wasn’t the case, as told by Studs Terkel in Hard Times-An Oral History of The Great Depression, “I had no idea how long $30 would last, but it sure would have to go a long way because I had nothing else. The semester fee was $22, so that left me $8 to go.” (Turkel, 1970) Imagine that! 60 years ago tuition was $22 dollars a semester! Furthermore, 45% of adults under 35 state they find themselves resorting to credit card use for basic living expenses like rent, groceries and utilities, (Draut, 2005) adding to their mounting debt. This use of credit puts them into an entirely different category of indebtedness: survival debt. (Draut, 2005) Imagine being forced to borrow to live! (Draut, 2005) If a car breaks down or someone gets sick, the only option available is using a credit card. (Draut,
Today students do not have the money for their tuition. Tuition goes up every year. Also the fees such as student or orientation fees went up as well. Students shouldn’t be in debt for their education. Students should be able to have a good education so they coul...
The cost of college tuition continues to increase each year. If this keeps increasing the way it has been, students will be indebted the rest of their life. Author of “The Looming Student Loan Crisis”, Jackson Toby states that student loans have increased along with the increase of tuition costs. In 2004, the average unpaid student debt was approximately $18,650...
...ggled with high debt burdens that adversely impedes their lives. Also, it will threaten to the affordability and success of higher education in the US. I believe that through my research paper in can prompt American college students to make wise and informed decision on financing higher education. Moreover, it will make the education policymakers aware that the rising education debt has a serious implication for college access and affordability, prompting them to decrease total student loan debt amounts by holding down college tuition and increasing the federal student aids.
Although adults with a college degree have a higher salary than those who do not, student debt is hurting college graduates. ProCon says, "between 2003 and 2012 the number of 25-year-olds with student debt increased from 25% to 43%, and their average loan balance was $20,326 in 2012-a 91% increase since 2003" ("Is a College. . ." 2). Ten percent of graduate students have over $40,000 in debt and roughly 1% have over $100,000 in debt ("Is a College. . ." 2). With student debt on the rise, it will be a strong defense on whether college is worth it or
they have so much debt after graduating. Because of student loans, college students think they
Are they tempting fate by inviting the potential for problems? After all, one unexpected expense, and the credit card user won’t clear his/her balance…and before you know it…credit card debt.
The introduction of the credit card first came around while the economy was booming in the early 1950’s. American consumers were in buy mode and the credit card was a genius idea to let people buy now and pay later. At first look this idea seemed great but what looks and sounds great does not always mean that it is going to be great overall. Over the years credit agencies have released thousands of credit cards with several questionable polices and high interest rates. “Any given American family in the present day possesses an average of eight credit cards with about 15,000 dollars of debt”(Canner 8). Many consumers have become addicted to wasteful cyclic consumption and living beyond their income due to the ownership of credit cards. The invention and continued implementation of credit cards into the American economic and social systems appears to be the cause of the struggling economy, the weakened U.S. dollar, the sky rocketing prices of gas and grocery store goods, the all-time highs of American debt, and social deprivation in some regions.