Credit Card And Credit Cards

Throughout the extract, “Strapped,” author Tamara Draut notes why today’s young adults have complications getting financially ahead. Along with student-loan debt, today’s college students may also leave with the burden of credit card debt. Draut argues that college campuses aren’t sufficiently regulating card companies on campus, therefore putting their students at risk for debt.

This report examines the increasing trends in the amount of debt students are graduating with. The purpose of this report is to prove why these trends need to be stopped, and how they can be stopped. After viewing the statistics from 1993 to the present it will be obvious that student debt is not rising at a steady pace, but that its growth is leading to large financial burdens by many students. Recommendations are given about the actions that can be taken by not only students, but everyone to help improve this dire situation. The changes that student loans have been through over the last couple of years will have a lasting effect on current students, prospective students, parents, and those who have graduated and

Credit cards have become increasingly popular world-wide, making it easier to buy now and pay later but are they actually helping or hindering someone’s credit? “Maxed Out” by James D. Scurlock demonstrates how credit cards can hurt someone’s credit, while “Why Won’t Anyone give Me a Credit Card” by Kevin O’Donnell demonstrates how someone may have financial stability to pay off a credit card, but still be consistently denied one by the credit card companies. Owning credit cards is not the problem; the problem is being irresponsible with it.

Since credit cards have become easily accessible on campuses, students can find themselves in financial distress very quickly. The conflict with credit card use is that it has created a distinct way to generate instant gratification among consumers, specifically young borrowers. Due to this point, students have become an easy target for credit card offers. With heavy solicitation from financial institutions and retailers, students are given quick access to funds with little education of how interest accrues, fees associated with cards, and the lasting effects on their overall credit. Since solicitation is used on college

I owe $40,000, I owe $60,000, I owe $100,000. Isn’t that a lot of money for one person to owe? Graduates have been faced with a serious problem brought about by the constant borrowing of money to gain a reputable education. The debt of loans varies from person to person but the extreme amounts that individuals owe is something the media finds worth gossiping about. Little does the public know, in reality, all the commotion and conversation about these debts are not accountable for the majority of college borrowers. According to A Lifetime of Student Debt? Not Likely by Robin Wilson, she intrigues her targeted college audience by giving examples and providing

Here in the United States, there are many forms of consumer debt, which help contribute to the large sums of debt countless Americans find themselves faced with. Directly effecting many college students is student loan debt. Student loan debt is now the second largest form of consumer debt behind housing” declares the Federal Reserve Bank of New York (Grisales). This is due to the fact that student loan debt grew 7.1% in 2014 to $1.2 trillion (Grisales). If this statistic alone is not worrisome this next one is sure to be. The amount of debt in the housing market that helped to spark the last recession was only $1.3 trillion (Grisales). Due to the increased amount of debt required by students to attend college many students are feeling the wrath. According to the U.S. Census Bureau, “In 2014, 11.7 percent of females and 17.7 percent of males between the ages 25 and 34 were living with their parents” (Grisales). The fear of obtaining massive amounts of debt is driving the current generation of student’s to put off many future hopes and dreams. While causing them to move back home to save money. The current student loan crisis is crippling the economy and ruining the lives of American students.

Not Likely,” goes upon shedding light on to explaining how students end up with the debt that they have. Wilson’s piece goes on to enlighten a situation that people tend not fully to understand. To make her point across she uses different examples of how money tend to add up against individuals attend college and uses the word borrow and make reference to student loans quite often throughout her article. At what appears to be an epidemic sweeping the nation, Wilson points out a number of articles going about saying the there is a disaster of financial storms, which are consuming students who attend colleges, and who use titles like “The Student Loan Scam: The Most Oppressive Debt in U.S. History and How We Can Fight Back” (256-257). She goes on to use an example that stating the majority of students who have debt listed against their name owe no more than a reasonable priced vehicle. Wilson also states in her writings that some borrow money for more than their schooling even cost and will even reach double the amount of what ones schooling actually cost. Any person that is responsible with money should know not to over borrow especially when it is double what something

In the U.S. students are encouraged to earn a college degree, but the cost of an education turns many away. “Driven by the allure of a decent salary with a college degree, Americans borrowed to go to school. Outstanding student debt doubled from 2005 to 2010, and by 2012 total student debt in the U.S. economy surpassed $1 trillion” (Mian, Sufi 167). There are plenty of opportunities to obtain funds for college, including one of the most common, student loans. A student loan is defined as “a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford” (Barr). Student debt is at an all-time high in America. Over half of all lower income

While finishing up college, student Andrew Kirk explains that “before [he] even knew about [his] options for repayments, [he] had a very pessimistic view about how things would turn out for [him]”(Nadworny). An excelling amount of students have thousands of dollars in student debt and are fearing the dreadful long years that it will take to repay it back. This essay will argue that student debt has increased extremely over the years and how certain solutions can terminate debt for good. Today, the fear in every high school

“The United States has created a new generation of people that have more student loan debt than at any other time in our history” (Murphey). A vast majority of students are graduating with debt. On average, students are carrying loan amounts big enough to buy a nice car or cover the down payment on a house, but instead of making those investments, or starting a family or a business, they’re struggling to keep up with student loan payments (O’Malley). Student loan debt is a major problem. Student loan debt exceeded credit card debt in 2010, auto loans in 2011, and it passed the $1 trillion mark in 2012.

An estimated 20 million Americans attend college each year, and 60% of those students borrow annually to pay for it (qtd. in asa.org, “Student Loan Debt Statistics”). Moreover, citizens continuing to pay off debt after schooling brings the overall number of student-loan-borrowers to about 40 million- with a collective 1 trillion dollars in debt (McCarthy, “10 Fun Facts About the Student Debt Crisis); a fourth of these borrowers owe over $28,000, a tenth owe over $54,000, 3.1% owe more than $100,000, “and 0.45 percent of borrowers, or 167,000 people, owe more than $200,000” (Haughwout, “Grading Student Loans”). While some view this predicament as the result of laziness or carelessness, the bulk of this substantial group are not at fault.

It’s no secret in America that many college graduates are struggling to pay off their student loans. While looking at the statistics for how much is owed and how many college graduates are affected, it is clear that student debt is an issue and the need for a solution couldn’t be more urgent. The latest data show that across the country there are over “40 million borrowers” who share in “$1.2 trillion dollars” of student loans (Life Delayed). According to those numbers, that means that the average borrower has $30,000 dollars to pay off. With college tuition ever increasing, it is not hard to see how borrowing more money has becoming inevitable. According to Alan Greenblatt, a staff writer for NPR and CQ Researcher who focuses on

In the United States today, the number of students graduating college with student loan debt is quite astonishing. In the article titled, “How the $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy”, we will examine and break down the student loan debt crisis by the numbers. Today, almost two-third’s of students graduating college are graduating with an average of $26,000 in debt. For most students, $26,000 is a lot of money when the average annual income for a first year graduate is only in the mid $40,000 a year range. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark (Denhart, 2013, Introduction, par. 2). With student loan debt levels

First, we must blame ourselves for letting this debt build up. It’s so easy to just say “charge it” and deal with the money later. It’s so much more convenient to use a credit card then using our cash. In the April 2005 issue of University Wire, Dr. James Roberts conducted a study about the spending habits of students around the country. He found that students who used credit cards to pay for their books weren’t able to tell within $30, $40, or even $50 dollars of how much they spent compared to the students who used cash and were able to tell within a few dollars how much they

The question of whether credit card companies should market on campuses or not, brings many different opinions, some of which are driven by personal experience and some that are driven by profit. There are those who do not agree with this because they know what they have gone through with credit card debt. There are also those who say they should market on campus because they are adults and contribute to the company’s profit. Even though students are adults and need to earn credit, credit card companies should not market to college students on campus because they are too naive and this results in graduating with too much debt.