Spring Break
Credit card debt dupes many students
Amber Jenne/ Staff writer
Issue date: 2/7/03 Section: Campus Life
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But as a result of her decision, she faces a choice many college students make on a month by month basis.
Should Calabrese pay the minimum payment on her credit card or her utilities?
For college students, attaining credit card debt is not the problem, but finding out what they can do to get out of it is.
"Sometimes I don't even have enough money saved to make the minimum payments. I charged for luxury and soon ran out of money," she said.
John Elliott, a junior business major, developed a $2,000 credit card bill when he lost a scholarship to Lake Land Community College in Mattoon and had to pay for college himself.
"I didn't want to tell my parents," he said. "So I tried to pay for it myself. After that, I just began partying too much and found myself behind on bills."
Elliott said he became stressed and during classes would think of how he was going to pay off his bills.
"Luckily my parents ended up bailing me out and taking over my payments," he said. "Eventually, I will pay them back when I save enough money."
Michael Dwiggins, a junior theater arts major, has two credit cards with a $750 debt on each.
"Credit card debt is a problem," he said. "Because my minimum payment doesn't even take care of the interest, which is about 20 percent."
Larry Bates, an associate professor in the economics department said credit card debt among college students has been increasing for several years. Although programs to warn students about debt has had an impact, the problem remains significant, he said.
"Students have never been completely financially responsible, since everything seems so easy for them," he said. "They don't understand the consequences and problems of credit cards. Over a period of time, students just develop too much freedom."
Some students have little tolerance for those who get in debt.
"College students need to realize they are not 16 anymore," said Diane Dido, a senior education major. "Those who don't, need to grow up. If you are old enough to get a credit card, you are old enough to pay for it."
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