Credit Card Debt Epidemic For College Kids

There is a major debt crisis that is sweeping across America. And the creditors are now striking at the young people to get them used to spinning their wheels on the credit treadmill at a ripe young age. The big credit card issuers post up regularly right outside of college campuses offering young unemployed students credit cards pre-approved with $5,000 lines of credit. All with the intent of getting students over the edge in debt so once they graduate they will be riddled with credit card debt for a very long time.

This causes many problems for students. One very serious problem is that kids need to take time away from studying to work more hours to pay off high interest credit card debt. Some instances force students to completely drop out of school to get full time employment to pay off their debts.

For anyone who has seen the consumer debt documentary ‘Maxed Out’ you can see first hand how bad a debt situation can affect students. There were two college students whose loving parents were interviewed, both of whom took their own lives over their large debts that they owed. The harassment from commission-driven collectors didn’t at all help out either. Plus many more young students fall into deep depression because of the debt situation stuck in.

These credit issuers even go to the extent of employing other college kids to solicit their credit cards within the dormitories. Some students will make up to $10 for every student who applies to get a line of credit. These are only the tactics that I have heard about, although I am quite certain there are more.

One way to reverse this issue would be to enlighten students in high school before leaving for college about the associated consequences that come with having credit cards. There should be a core class adopted into the curriculum of high school seniors teaching them on what could happen if they abuse credit. The class should also teach students how to correctly manage their money to avoid any overwhelming credit problems in college.

Debt settlement is a very attractive method of credit card debt relief for the college students that have found themselves in a overwhelming debt situation that they can no longer handle. It will help college students save a lot of money and become free of their debts within a few years, so when they graduate they will not be carrying a large debt amount over their shoulders.

Steve Martin is a debt analyst with the US Consumer Advocate, which practices debt settlement.

- Steve Martin

 Mail this post
StumbleUpon It!

Leave a Reply