College Credit Card Debt

A discussion on the tremendous debt college students incur because of easy access to credit cards.

This paper discusses the trend of college students getting themselves deep into debt with credit cards at school. The paper looks at the simple system of ‘buy now, pay later’ and explains how it has become a real trap for unsupervised students who end up starting a cycle of debt that may take years to pay off. The paper argues that college students have to be aware of what the trap is and suggests that schools make a class on personal finance parebnts If students in college will take the time to re-educate themselves about what credit card companies are and look at credit as a tool instead of a toy then they will be well on their way to the happy and successful life
“Sean Moyer was going places. He was bright and successful in school. He was a National Merit Scholarship finalist who earned a full scholarship to the University of Texas at Dallas, appeared headed for a successful and happy life. Nothing could stop him.
But in February 1998, things changed for him drastically. He became very frustrated by a mounting credit card debt that was approaching an unbelievable $10,000. Sean Moyer signed up for a credit card his freshman year at the University of Texas. Without parental knowledge, he accumulated 12 credit cards. His mother did not learn that he owed $10,000 until he moved. Moyer couldn’t handle the pressure and he committed suicide (Harris). Sean Moyer was smart young man about many things but not smart enough to just say no to credit cards. This seems like an isolated event. Students aren’t jumping out of dorm windows on campuses all over the nation out of financial desperation but they are getting into debt faster than any other demographic group.”
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