Hot on Facebook

Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

College Kids Addicted to Credit Cards

Banks, advocates battle over credit card plugs on campus

By Kevin Spak, Newser Staff

Posted Sep 9, 2007 3:07 PM CDT

(Newser) – 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."

Geology grad student Xu Xiqiao, 21, applies for his first credit card on the campus of the University of Michigan where, like other campuses, the lure of easy credit is everywhere. (KRT Photos)

Chase Introduces Bank Cards With "Blink" Technology (Getty Images)

Credit cards are not just for the wallet as they are being made to be used as key chains, watches or key-fobs. (KRT Photos)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

'Swine Flu Dorms' Sprout at Colleges Nationwide

Sick students start school in quarantine zones

(NEWSER) - College freshers across the country are starting their life in higher education confined to buildings full of their coughing peers, the New York Times reports. Fearing the virus will sweep through campuses, colleges have set up quarantine dorms for sick students, keeping them out of class and plying them with food and medication. Estimates are there are 2,000 current swine flu cases at colleges, and many, many more on the way. More»

Average SAT Score Slips Again

College Board dismisses 'a couple points,' touts test-takers' diversity

(NEWSER) - The average SAT score for 2007 was the lowest in years, but that's not necessarily bad news. Scores from round two of the revamped college-entrance exam declined an average of seven points nationwide, which the College Board chalks up to greater participation, particularly among students who weren't on a traditional college-prep path, the AP reports. More»

Has Wiki Replaced the College Library?

Not quite: Undergrads still turn to more traditional sources

(NEWSER) - Contrary to expectations, college students are not rushing online for answers to research assignments. A new survey shows only 3% of undergraduates with research tasks went to Wikipedia first and only 13% tried search engines. The largest number, 40%, turned to course materials first and 23% sought out the library. More»

Students Win $2.85M on SATs

College Board settles class-action lawsuit over incorrect scores

(NEWSER) - Students who took the SAT exam in 2005 and received incorrect scores have settled a class-action lawsuit with the test makers to the tune of $2.85 million, the New York Times reports. Over 4,000 students who sat the examination received scores that were artificially low—as much as 450 points out of 2,400—because their answer sheets had become damp. More»

Wal-Mart Hits Facebook

Retail giant turns to social networking to court back-to-school college shoppers

(NEWSER) - Wal-Mart is launching a back-to-school marketing campaign using Facebook, Reuters reports. The megachain has created a "Roommate Style Match" Facebook group to give college students a chance to coordinate decorating before moving in—and then browse an array of "recommended" Wal-Mart goods, including many the retailer promotes as "earth-friendly." More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

College Kids Addicted to Credit Cards

Banks, advocates battle over credit card plugs on campus

OTHER STORIES ON OUR RADAR

Related Links

higher education • college • credit card • student • college student

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

'Swine Flu Dorms' Sprout at Colleges Nationwide

Sick students start school in quarantine zones

Average SAT Score Slips Again

College Board dismisses 'a couple points,' touts test-takers' diversity

Has Wiki Replaced the College Library?

Not quite: Undergrads still turn to more traditional sources

Students Win $2.85M on SATs

College Board settles class-action lawsuit over incorrect scores

Wal-Mart Hits Facebook

Retail giant turns to social networking to court back-to-school college shoppers

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

College Kids Addicted to Credit Cards

Banks, advocates battle over credit card plugs on campus

Bookmark & Share

OTHER STORIES ON OUR RADAR

Related Links

higher education • college • credit card • student • college student

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

'Swine Flu Dorms' Sprout at Colleges Nationwide

Sick students start school in quarantine zones

Average SAT Score Slips Again

College Board dismisses 'a couple points,' touts test-takers' diversity

Has Wiki Replaced the College Library?

Not quite: Undergrads still turn to more traditional sources

Students Win $2.85M on SATs

College Board settles class-action lawsuit over incorrect scores

Wal-Mart Hits Facebook

Retail giant turns to social networking to court back-to-school college shoppers

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?