Credit cards target college students

by Cynthia Taura copy editor

The issue of credit cards and debts among college students has sparked recent articles in newspapers such as The New York Times and the Ohio University newspaper, The Post.

Credit card solicitors can often be found on college campuses, trying to persuade students to sign up by offering free merchandise, such as pens.

Senior Jane Barnett said that she signed up for a credit card in the Wigwam four years ago and was given a free pen. Ever since then she says, "I get credit card applications in the mail every day."

According to Feb. 20 issue of the New York Times, credit card companies target college students and young adults because they are aware of students' eagerness to establish credit records and financial independence. However, some students are not as ready for the responsibility as they think they are.

John Ploehs, a senior at Ohio State University, said that he bought a lot of stuff he couldn't afford and ended up in debt.

When he told his parents about it, they wrote out a check and then cut up the card. Barnett confessed to owing some money on her Discover card, which in some ways is preventing her from applying for more cards in the future.

According to the Times, more than half of students at four-year colleges have at least one credit card.

Students have to be at least 18 in order to apply for a credit card and interest rates are usually based on income, credit history and whether or not the student has a job during the school year. Interest rates from different states can also be a contributing factor. Barnett said that her rate is 19.99% because it is from Delaware.

The Post mentions USSA and MasterCard having a program called CreditWise. It lists the top 10 things students need to know, including understanding credit cards and their interest rates, statement due dates and credit limits. The website, www.creditalk.com, provides information such as repaying debts.

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