Yes or no to a credit card?

697 Words2 Pages
bulb-icon

Recommended: Student loan debts problems

Numerous college students own a credit card and half are seriously in credit card debt. Credit scores, payments missing, and interest rates can be financially devastating. There are some factors that contribute to college students being in credit card debt like college students actually paying for tuition, school supplies, and textbooks. Jill M. Norvilitis and Philip Santa Maria points out that “it does not matter what type of card individuals use, the reasons are particularly understood; for college students, credit cards are their only means for paying for their education”. The Card Act helps guide students in campus and informing them about the agreements of the card and preparing them to get financial experience. Some individuals agree that college students are applying for a credit card at a young age and getting in debt early. Even though college is a place where teenagers come to gain information and skills for jobs or to get in debt; should college students have a credit card?
Unquestionably, when a teenager graduates from high school they go to college to get their degree, but sometimes after graduating they receive their degree and also a credit card debt. Mary Ludlum and Brittany Christine Smith stated that “credit on campus can only be described as a plague” (Ludlum).There is no doubt that students go to college learn skills, socialize, but also because some jobs require a degree. The TERI study reported:
19 percent of students have charged their tuition and fees, but one-third of those with balances of over $1,000 have charged tuition. If the balance is not paid in full, this is, in essence, an 18 percent loan. Charging tuition, then, may be part of an escalating pattern for some students in financial trouble (Norvili...

... middle of paper ...

...Cited

Hawkins, Jim. “The Card Act on Campus.” Washington & Lee Law Review 69.3 (2012): 1471-1534. Academic Search Complete. Web. 15 Nov. 2013.
Kimbro, Dennis. It Can Impact Your Future!” Black Collegian. 38.2 (2008):71-73. Academic Search Complete. Web. 3 Dec. 2013.
Leclerc, Kristi. “Influential Factors Contributing to College Student Spending Habits and Credit Card Debt." Sociology Journal (2012): 149-156. Ebsco host. Web 1 Dec. 2013.
Ludlum, Mary, and Brittany Christine Smith. “The Credit Card Plague on the American College Campus: A Survey.” Mustang Journal of Law & Legal Studies 1 (2010): 72-76. Academic Search Complete. EBSCOhost. Web. 15 Nov. 2013.
Norvilitis, Jill M., and Phillip Santa Maria. “Credit Card Debt On College Campuses: Causes, Consequences, And Solutions.” College Student Journal 36.3 (2002): 356. Academic Search Complete. Web. 15 Nov. 2013.

Show More
Related

  • Analysis Of A Generation Hobbled By The Soaring Cost Of College

    1289 Words  | 3 Pages

    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.

    Read More

  • Why College Should be Cheaper

    1910 Words  | 4 Pages

    ...hew , and Debbie Cochrane. "Student Debt and the Class of 2012." Institute For College Access and Success. December (2013 ): n. page. Web. 12 Dec. 2013.

    Read More

  • Education and the Outside World

    765 Words  | 2 Pages

    Once a person graduates from high school they are left with a difficult decision, wither to go to college or not. Some families this is not an option, their kid will go no matter what, but many students do not want to go to school and have so much student debt by the time they finish that they will have to pay off that they decide that college is not worth it. According to Craig Smith in his article in Education Digest he says, “too many families cannot afford to send their children to college so the student is left with making the decision on wither to go to college and collect debt or just skip college altogether” (Smith 42). He has a good point. Too many students feel like they have to pay so much yet they are not really getting much out of it. Smith later on in his article states, “We must stop balancing our state and institutional budgets on the backs of students and families” (Smith 46). School should not be all about money, it should be about helping the students get the education that they need so they can make it out in the big world. If a student is so worried about how they are going to pay their school bill they are not going to be focusing on their class work and it ...

    Read More

  • The Government Should NOT Forgive Student Loan Debt

    1745 Words  | 4 Pages

    To understand the student debt crisis, one must first understand what caused it and what results from it. College undergraduates use student loans to finance the cost of tuition, room, board, transportation, and personal expenses while attending (Gage and Lorin). Student loans are different from other forms of debt because basic consumer rights like bankruptcy protection don’t apply to students who default on their loans. As a result, students are virtually locked into their debt, offering them little to no ability to refinance it. Solutions to debt problems like consolidation are available to students but that process doesn’t involve shopping for a better deal from competing lenders like it does in other debt areas. Therefore, interest rates often remain high and the loans remain with the original lender (Vanegeren). As Kayla Webley expl...

    Read More

  • Student Loans For College Essay

    552 Words  | 2 Pages

    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.

    Read More

  • Credit Card Debt In America

    1552 Words  | 4 Pages

    Kovak, Marc. “Survey suggests credit card companies unfairly target college students.” 31 March 2013. ProQuest. Mira Costa College Library, San Elijo. 15 Oct. 2014.

    Read More

  • Argumentative Essay On Student Debt

    1491 Words  | 3 Pages

    Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up

    Read More

  • Student Loan Debt Should be Forgiven

    1255 Words  | 3 Pages

    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.

    Read More

  • College Education Should Not Be Free

    769 Words  | 2 Pages

    In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).

    Read More

  • College Is Worth It Or Not?

    1523 Words  | 4 Pages

    With tuition rising every year, students face the challenge paying the debt achieving a college degree comes with. “Student debt surpassed credit-card debt in June 2010 for the first time in history, rising to about $830 billion — or nearly 6 percent of the nation 's annual economic output”(Clemmitt, Marcia). Not everyone has a ton of money just laying around. Being that financial trouble is the biggest problem for students, they begin to question whether college is worth it or not. In recent years, students have taken out loans to help with expenses. Most students choose to attend a community and junior college to help minimize the debt. Even after graduating with a degree, students still face the struggle of finding a job in this economic time. For higher class families this may not be a problem to them. But for the middle class and low income families, they face tougher times being that they don 't have the financial help like higher class families do. For the middle class and low income families, it makes more sense attending a community and junior college rather than a four year university.

    Read More

  • Education Debt: The Problem and Solutions

    1138 Words  | 3 Pages

    Reed, Matthew et. al., “Student Debt and Class 2010” Project on Student Debt. The Institute for College Access and Success. Nov. 2011. Web. 12 Nov. 2011

    Read More

  • The Effects of Self-esteem and Risk-Taking Behaviors on Financial Management

    1308 Words  | 3 Pages

    money attitudes, financial knowledge, and credit-card debt in college students. Journal of Applied Social Psychology, 36(6), 1395 - 1413.

    Read More

  • Argumentative Essay On Student Loans

    745 Words  | 2 Pages

    they have so much debt after graduating. Because of student loans, college students think they

    Read More

  • Is A College Education Worth It?

    1026 Words  | 3 Pages

    Those who think a college education is not worth it believe that college can become a setback in life due to the thousands of dollars that college students are spending on tuition and books. Students who attend college will not have the money to purchase a home, spend money on family, vacations, or any other costly items and bills. On the other hand, most college students end up paying for their college loans all of their life or go into debt. They will never have money to rely on since their credit cards will be racking up interest for college loans that need to be paid off. As stated by Paul Taylor in Michelle Adam’s report, the cost of a college education has been at a record level and the cost of tuition and fees has more than tripled which is causing a rise in student debt (58). With rising prices, the economy is making it more difficult for people to afford a college education.

    Read More

  • My Generation Essay

    1061 Words  | 3 Pages

    Individuals in my generation that decide to go away for college may graduate with a degree but they also graduate with debt and have a hard time finding work in their area of study. College graduates are young and many may not have much experience in their field. It is a bittersweet option to go to college and further your education, I am all for it, but I am not for getting yourself in tons of debt, that will cause you to live your whole life paying off student loans and such. Which is one of the reasons why I chose to stay at home and go to community college, I’m saving money while still getting a great education. In earlier generations, people may not have felt that college was important because they needed a job to support themselves and their families. That is understandable because in the early years becoming an adult meant turning of age, 18, getting a job, moving out and starting your own family, but now turning 18 doesn’t mean you automatically are an adult and can move out and start your own life, I have friends that went to college, have a job but still are not able to move out on their own even in their

    Read More

More about Yes or no to a credit card?

Open Document