Credit Card Issuers Target College Students To Earn Mind Boggling Profits

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Credit Card Issuers Target College Students To Earn Mind Boggling Profits

by Steve Martin

There is a major debt problem that is causing Americans to live in despair. And the creditors are now striking at the young people to get them used to spinning their wheels on the credit treadmill at a awful young age. The big credit card issuers post up regularly right outside of university campuses offering young unemployed students credit cards pre-approved with sometimes credit limits being as high as $5,000. All with the intent of getting students deep in debt so once they graduate they will be riddled with credit card debt for a very long time.

This causes a plethora of problems for students. One especially aggravating problem is that kids need to take time away from studying to work more hours to pay off completely avoidable credit card bills. Some situations force young people to completely drop out of school to get full time jobs to pay off their bills.

For anyone who has seen the very unnerving documentary 'Maxed Out' you can see first hand how bad a credit card debt situation can affect students. There were two students whose heartbroken parents were interviewed, both of whom killed themselves over their large debts that they owed. The persistence from collectors didn't at all help the situation. Plus many more young students fall into deep depression because of the financial situation cornered into.

These credit card companies even go to the extent of employing other college students to solicit their credit cards within the campuses. Some students will earn up to $20 for every student who applies to get a line of credit. These are only the tactics that I have heard about, although I am almost sure there are more that they use.

One way to reverse this crisis would be to enlighten students in high school before going off to college about the associated consequences that come with having lines of credit. There should be a core class developed into the curriculum of high school seniors teaching them on what could happen if they misuse credit cards. The class should also teach seniors how to properly budget their money to avoid any stressful debt problems in college.

Debt settlement is a sensible method of credit card debt relief for the college students that have found themselves in a debt situation that they can no longer deal with themselves. It will help college students save a tremendous amount of money and become debt free within a few years, so when they get out of school they will not be burdened with a large debt load over their heads

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

Published December 4th, 2007

Filed in Business, Family, Finance, Society

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