College Students Trapped by Credit Card Debt :: Argumentative Persuasive Argument

College Students Trapped by Credit Card Debt My best friend from my childhood is a merchandise agents dream. Constantly duped and deceived by flashy ads and predatory marketing, this kid will buy anything - usuall on credit. At last check, my friend had maxed out 4 credit cards to the tune of over $30,000. Very rarely did the money go for something necessary, like accommodation or food, but usually was spent on a multitude of gadgets, toys, and other assorted guy-stuff. CDs, a subwoofer, X-boxes and PlayStations, new rims and tireshe even whipped out the plastic to cover the $5,000 for his girlfriends new boobs In my humble opinion, this was probably one of his wiser purchases, but still highlights the fact that my friend has a serious problem managing his finances. Unfortunately, my friend is not alone, but is one of thousands of retiring college students trapped by credit card debt. Potential problems caused by lousy credit history can bite hard. They include dropping out of college, forcible and emotional health problems, family conflicts, bankruptcy, job rejections due to bad credit, loan denials, inability to rent apartments, graduate school rejections, and even suicide (Manning, 160). About 3 4 percent of college students suffer from serious credit problems (Manning, 160). While this number may seem small, that translates into 304 students just at HSU alone (4% of 7611 total students). College campuses make fertile provide grounds for predatory marketing strategies. College is a time of self-discovery, when many students are enjoying their first real tastes of independence away from the home. For many, obtaining that first credit card is a natural step in establishing financial sovereignty. The fact of the matter however, is that college kids are also more prone to naivety with credit cards, which often hide the trustworthy costs of buying on credit. According to the Nellie Mae Corporation (a division o f the federal Sallie Mae fund), over 95% of graduate students have credit cards, with the average student owe $4,776 in debt. 20% of those graduate students have debt between $6,000 and $15,000, and 6% have debt greater than $15,000.