Why are college students in credit card debt? (this is for my research paper)?

Answer 1

Take a look and get serious about that student credit card debt.

Credit card debt affects the studies seriously. Lack of concentration, focusing on excessive debts can lead to lower scores and GPA.

Lack of proper attention to studies, lower GPA's, increased debt pressure can all lead to a point where student drops out from the college.

A high credit card debt can force a student to take up a part time or regular job, which often has a degrading effect on studies.

Though the student credit card is designed to give a good beginning to a person's credit history but, excessive debt can cause a serious dent to credit score this factor alone can cause serious problems for students.

Due to a bad credit score which is the result of credit card debt, a student can face difficulties in finding apartments for rent.

Same factor can make insurance rates higher or unaffordable for students, because insurance companies find it risky to insure people with poor credit.

Getting a job also becomes difficult when a credit card debt causes poor credit history. The employer also shy away from people with poor financial skills and money management. Read more from: http://www.credit-card-gallery.com/article/273,10_ways_how_student_credit_card_debt_can_turn_your_college_life_into_hell

Answer 2

1. Credit card offers start pretty much the day you turn 18. Very tempting!
2. Many are managing their own money for the first time.
3. Bad financial habits or they never learned no to just buy whatever they want whenever they want it.

Here's an assessment to help see if a college student if having credit card trouble. Hope it helps with your research!

Answer 3

Well, I graduated with no debt and I attribute that to being taught by my parents that if you can't pay for something in full then you can't afford it (besides major things, house, car, etc.) Most of my friends however are thousands of dollars in debt. Most students don't have jobs during college and figure that they will get spectacular jobs right out of college and become rich, therefore they can spend as much as they want now and pay it off the day they graduate. I also think that many college kids do not have knowledge of the importance of credit, they think it's free money and don't think how it will affect them down the road.

Answer 4

Credit card companies often target college students, giving prizes to those who sign up. Then many of the students find it way to easy to use them. Studying, want a pizza, don't have the money? Hey, just put it on the credit card. Then they suddenly realize they have a couple thousand dollars to pay off.

Answer 5

I got a debit card when I started working and was in college so I never accumulated credit card debt, just a comparatively small student loan debt.

However to my understanding many of them don't use credit cards to pay for school, they get stuff like clothes, CDs, funiture, etc and a lot of it, so that's how.

Answer 6

simple, their parents may not have taught their children the financial skills to handle money. chances are, the parents are also in credit card debt--living check to check. remember children and nothing more than an extension of their parents.

Answer 7

They are young and inexperienced when it comes
to financial responsibility. These are the type of people the credit card companies target the
most.

Answer 8

1- cant work full time because have classes to take.
2-paying for books,classes and dorm and food and clothes with very little money.