Credit card debt is a serious problem for a growing number of college students, not to mention recent college graduates.
Only after a press conference held by the Consumer Federation of America in 1999 did the public become more aware of the severity of the situation.
After more than three years of research and hundreds of personal interviews with college students and recent graduates, the findings were alarming with the worst debt among public university students and those from lower income backgrounds.
Credit card companies are certainly partially responsible for the problem using aggressive marketing campaigns directed particularly at large college campuses as one of the latest tactics.
A $16 million deal with the University of Tennessee made headlines as an example of the ways these companies are trying to form exclusive agreements on college campuses to boost their annual revenue. Multi-million dollar advertising campaigns add to the pressure these companies place on young people to rack up debt.
But public universities or credit card companies are not ultimately responsible for frivolous spending. With over 70 percent of college students using credit cards, we live in a time when most people do not think twice about charging anything from a Starbucks latte to a spring break vacation.
Ultimately it takes personal responsibility and restraint to curb the \buy now, pay later"" mentality that so many young people are literally buying into.
Most of us simply cannot afford to spend $5 everyday for lunch on State Street or drop $20 for drinks every weekend. Adding to the problem, many students wind up paying nearly double for their original charges by making only the minimum monthly payments while the interest piles up.
For recent college grads, the reality of working for several years just to pay off college debt is difficult to swallow. Many grapple with bankruptcy, loan rejections, anxiety and job refusals due to bad credit histories and, in some cases, leading to suicide.
A practical solution is to simply cut up your credit cards and start living on a mostly cash basis. There is something more real about using actual currency and watching your wallet slowly empty instead of signing off on countless receipts.
In the end, credit card debt is a symptom of a larger problem. Now more than ever, young people equate what they own with their self-worth. But if there is any time to live frugally, it is in college. Students should consider ditching the plastic so life after college can be about more than paying for yesterday's fun.
