College students are preferring plastic to low-rent living, a trend that has banks and consumer advocates battling over credit card plugs on campus. Critics say students are susceptible to easy money marketing and rack up too much debt. Banks blame students for not reading the fine print. With Dems in charge of the Hill, new laws may limit student credit.
Students who miss a payment can see rates spike as high as 30%, Business Day reports. Some shrug it off as part of college debt, but may be shocked when credit scores affect life after graduation. "I couldn't get up in the mornings,” says one student with a $3,000 debt. “I wasn't socializing, and sometimes I wouldn't eat, then other days I would eat too much."