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THE DAILY
COLLEGIAN
Thursday, September 11, 1997
College students have difficulty
resisting credit card lure
College Press Services
BRADENTON. Fla.— Students
go to college to learn. Lots of them
are getting more education than
they bargained for.
Inundated with mailings and
marketers trying to sign them up for
credit cards, students can quickly
find themselves buried under a
mountain of debt.
Or, more optimistically, securing
a credit card in college could lay
the foundation for a positive credit
history, which will be essential
when they go to buy their first car,
home or other major purchase.
"Credit cards are like a double-
edged sword," said Ashley Jones
(not her real name). "I'm nol in over
my head, but I owe about $2,000
on three cards. (Credit card com¬
panies) still send mc applications."
The 19-year-old got her first
credit card application from
Citibank, based in New York, when
she was a first year student at
Florida A&M University in Talla¬
hassee. By the end of the school
ycfer, she had racked up $2,000 in
debt on that one card. She now has
four cards: two Visas, a MasterCard
and a department store card.
According lo a Study by Nellie
Mac Student Loan Services, Jones'
credit card debt is not unusual.
Two out of three undergraduate
students have credit cards. One in
five percent have four or more. The
average balance on those cards is
$2,226.
Jones admits that most of the
things she purchased with the credit
cards coujd not have been bought
with cash, because she couldn't af¬
ford it at the time.
That's a trap lots of non-students
fall inii> as well.
Jones said she knew she
wouldn't be able to pay off the cards
by the end of each month.but she
pulled out the plastic anyway.
"I bought clothes, jewelry, even
snacks with the card," Jones said.
"Everyone who took
Visa knew my name."
Of course, it's not all fun and
games with credit cards.
For some students, credit cards
arc essential for paying for books
and other supplies for school, said
Fiona Lewis, a senior at New Col¬
lege in Sarasota.
"I'd advise others to get just one '
card or none, and if they do get one.
they should not go crazy with it,"
Lewis said
Several New College students
agreed with their classmate, even
though the college is one of a grow¬
ing number of institutions to boot
credit card companies off campus.
Stephanie Martin said she made
it through three years of college
without a credit card, and she will
complete her final year of school
free of credit card debt.
"I can hardly balance my check¬
book," Martin joked. "I know I
don't (iavc the money to pay on a
credit card, and I know I would
mess it up."
That's precisely the reason Alex
Villafane said he would not get a
card either.
"I have no temptation whatso¬
ever," Villafane said. "I consider
them evil. I know that if I buy
$2,000 worth of stuff, I have to
know how I will pay for it."
Michael Cenzcr. a first-year stu¬
dent at New College, prefers debit
cards to credit cards.
"The thought of buying things
with money I don't have didn't ap¬
peal to mc," said 18-year-old
Ccnzer.
Those attitudes would make card
issuers cringe.
Card issuers say they consider
college students their "best high-
risk group." That may sound like
an oxymoron, but credit card com¬
panies arc banking on students us¬
ing their cards — accumulating in¬
terest — and then landing high-pay¬
ing jobs after they graduate lo pay
off their debts.
"Students are important custom¬
ers and they do tend to hold onto
their first card for much longer af¬
ter college." said American Express
spokesperson Emily Porter. "(Their
ACROSS
1 Injury mart
5 Subsequently
10 Baby horse
u Ear section
15 Scent
16 Tamper tantrum
17 Nights before
hoedars
18 Stair post
19 Sailing
20 Find out
22 Chose
24 Sly look
26 Free-ror al
27 Slated
31 Riddle
35 —mode
36 Tangles
38 Spoken
39 Light wash
41 U.S. gp.
42 Serpent
43 English school
44 Russian plain
46 For each
47 Ftepudtabon
49 Put in agar
51 Patchy in color
53 For (ear that
54 Book sections
58 Bookworm
62 Disabled
63 Extreme fnght
65 S. A. country
66 Landed
67 Author Zola
68 Grve temporanry
69 Homes tor peas
70 Apprased
71 Fencing sword
DOWN
1 Luge
2 inlet
3 Help along
4 Trade again
5 Portable light
6 Exist
7 Pults
8 Arabian ruler
9 Pep meetings
10 Small part
11 Baking oven
12 U.S. author.
James
13 Take charge
Please see CREDIT page 5.
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California State University, fresno
Ofudent Referenda
™ Sept 24 & 25,1997 **
vote on
University Recreational Complex
For Questions or More
Information, Drop by USU
Rm. 306 for a Brochure
"RecPlex - Breaking Ground"
Object Description
| Title | 1997_09 The Daily Collegian September 1997 |
| Alternative Title | Daily Collegian (California State University, Fresno) |
| Publisher | Associated Students of Fresno State, Fresno, Calif. |
| Publication Date | 1997 |
| Description | Daily (except weedends) during the school year. Microfilm. Palo Alto, Calif.: BMI Library Microfilms, 1986- microfilm reels; 35 mm. Vol.1, no.1 (Feb 8, 1922)- |
| Subject | California State University, Fresno -- Periodicals. |
| Contributors | Associated Students of Fresno State. |
| Coverage | Vol.1 no.1 (Feb 8, 1922)- to present |
| Format | Microfilm reels, 35 mm. |
| Technical Information | Scanned at 600 dpi; TIFF; Microfilm ScanPro 2000 "E-image data" |
| Language | eng |
Description
| Title | September 11, 1997, Page 3 |
| Alternative Title | Daily Collegian (California State University, Fresno) |
| Publisher | Associated Students of Fresno State, Fresno, Calif. |
| Publication Date | 1997 |
| Description | Daily (except weedends) during the school year. Microfilm. Palo Alto, Calif.: BMI Library Microfilms, 1986- microfilm reels; 35 mm. Vol.1, no.1 (Feb 8, 1922)- |
| Subject | California State University, Fresno -- Periodicals. |
| Contributors | Associated Students of Fresno State. |
| Coverage | Vol.1 no.1 (Feb 8, 1922)- to present |
| Format | Microfilm reels, 35 mm. |
| Technical Information | Scanned at 600 dpi; TIFF; Microfilm ScanPro 2000 "E-image data" |
| Language | eng |
| Full-Text-Search |
Timeout
THE DAILY
COLLEGIAN
Thursday, September 11, 1997
College students have difficulty
resisting credit card lure
College Press Services
BRADENTON. Fla.— Students
go to college to learn. Lots of them
are getting more education than
they bargained for.
Inundated with mailings and
marketers trying to sign them up for
credit cards, students can quickly
find themselves buried under a
mountain of debt.
Or, more optimistically, securing
a credit card in college could lay
the foundation for a positive credit
history, which will be essential
when they go to buy their first car,
home or other major purchase.
"Credit cards are like a double-
edged sword," said Ashley Jones
(not her real name). "I'm nol in over
my head, but I owe about $2,000
on three cards. (Credit card com¬
panies) still send mc applications."
The 19-year-old got her first
credit card application from
Citibank, based in New York, when
she was a first year student at
Florida A&M University in Talla¬
hassee. By the end of the school
ycfer, she had racked up $2,000 in
debt on that one card. She now has
four cards: two Visas, a MasterCard
and a department store card.
According lo a Study by Nellie
Mac Student Loan Services, Jones'
credit card debt is not unusual.
Two out of three undergraduate
students have credit cards. One in
five percent have four or more. The
average balance on those cards is
$2,226.
Jones admits that most of the
things she purchased with the credit
cards coujd not have been bought
with cash, because she couldn't af¬
ford it at the time.
That's a trap lots of non-students
fall inii> as well.
Jones said she knew she
wouldn't be able to pay off the cards
by the end of each month.but she
pulled out the plastic anyway.
"I bought clothes, jewelry, even
snacks with the card," Jones said.
"Everyone who took
Visa knew my name."
Of course, it's not all fun and
games with credit cards.
For some students, credit cards
arc essential for paying for books
and other supplies for school, said
Fiona Lewis, a senior at New Col¬
lege in Sarasota.
"I'd advise others to get just one '
card or none, and if they do get one.
they should not go crazy with it,"
Lewis said
Several New College students
agreed with their classmate, even
though the college is one of a grow¬
ing number of institutions to boot
credit card companies off campus.
Stephanie Martin said she made
it through three years of college
without a credit card, and she will
complete her final year of school
free of credit card debt.
"I can hardly balance my check¬
book," Martin joked. "I know I
don't (iavc the money to pay on a
credit card, and I know I would
mess it up."
That's precisely the reason Alex
Villafane said he would not get a
card either.
"I have no temptation whatso¬
ever," Villafane said. "I consider
them evil. I know that if I buy
$2,000 worth of stuff, I have to
know how I will pay for it."
Michael Cenzcr. a first-year stu¬
dent at New College, prefers debit
cards to credit cards.
"The thought of buying things
with money I don't have didn't ap¬
peal to mc," said 18-year-old
Ccnzer.
Those attitudes would make card
issuers cringe.
Card issuers say they consider
college students their "best high-
risk group." That may sound like
an oxymoron, but credit card com¬
panies arc banking on students us¬
ing their cards — accumulating in¬
terest — and then landing high-pay¬
ing jobs after they graduate lo pay
off their debts.
"Students are important custom¬
ers and they do tend to hold onto
their first card for much longer af¬
ter college." said American Express
spokesperson Emily Porter. "(Their
ACROSS
1 Injury mart
5 Subsequently
10 Baby horse
u Ear section
15 Scent
16 Tamper tantrum
17 Nights before
hoedars
18 Stair post
19 Sailing
20 Find out
22 Chose
24 Sly look
26 Free-ror al
27 Slated
31 Riddle
35 —mode
36 Tangles
38 Spoken
39 Light wash
41 U.S. gp.
42 Serpent
43 English school
44 Russian plain
46 For each
47 Ftepudtabon
49 Put in agar
51 Patchy in color
53 For (ear that
54 Book sections
58 Bookworm
62 Disabled
63 Extreme fnght
65 S. A. country
66 Landed
67 Author Zola
68 Grve temporanry
69 Homes tor peas
70 Apprased
71 Fencing sword
DOWN
1 Luge
2 inlet
3 Help along
4 Trade again
5 Portable light
6 Exist
7 Pults
8 Arabian ruler
9 Pep meetings
10 Small part
11 Baking oven
12 U.S. author.
James
13 Take charge
Please see CREDIT page 5.
cWtitite
.IfcigM. ril-r |
