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It is blatantly unethical to market credit cards to college students. Credit cards are now considered a serious threat to students, even greater than alcohol or sexually transmitted diseases according to sociologist, Robert Manning (qtd.in Hoover ). Students are easy targets for banks. At eighteen, the average age of a college freshman most of them have no previous banking or credit experience. This puts them in a vulnerable position and they easily give in to the lures and incentives offered by these companies. Credit card companies often distribute free T-shirts, Frisbees and long distance minutes to those who apply for credit cards. Reports suggest that debt related problems such as unpaid balances and late payments are higher among those students who sign up simply to receive these complimentary goodies (Gordon 6). Generally, in the case of college students higher their credit limits higher their debt. "During the past decade, students have generated plenty of business for credit-card companies and plenty of debt for themselves" (Hoover ). Banks now consider students to be their new, best customers. Since students generally make the minimum payments which is two or three percent of the balance, they end up paying a very high interest. According to a survey conducted by Nellie Mae, a student- loan provider "nearly one in three students has at least four credit cards, and that one in 10 will graduate with balances exceeding $7,000" (Hoover ). Such consequences have lead scores of colleges to ban the marketing of credit cards. However many large institutions still permit the marketing of credit cards. These institutions are involved in lucrative business partnerships with major banks. The most popular being monopoly contracts, where, exclusive rights are given to a particular bank to market credit cards to students, alumni and employees as well as to issue affinity cards bearing the university's name (Hoover ). Schools acquire millions of dollars through these contracts and "in many cases, the universities that are supposed to be looking out for their students are instead looking at the bottom line" (Hoover ). Thus the welfare of students, which should be paramount, is ignored.
The lifestyle of college students encourages credit abuse. Many students support themselves; they rely on part-time jobs as well as on student loans and financial aid. With mounting bills and job uncertainty more and more students find it difficult to turn down credit cards. A study conducted by sociologist Robert Manning indicates that nearly seventy percent of undergraduates have at least one credit card with a "revolving debt" averaging more than two thousand dollars (qtd. in Gordon 61). Credit cards provide easy access to otherwise unaffordable expenses. Students tend to misuse this flexibility and find themselves knee deep in debt. Banks and credit card companies take full advantage of their ignorance. As Debbie Alford, a student at University Of Central Oklahoma clearly explains, "It's a dangerous situation when the banks know exactly what they are doing, and the students don't have a clue"(qtd. in Hoover 4). Many a times students are forced to drop out of college and work full time in order to repay the enormous debt they have accumulated. In extreme cases it has resulted in bankruptcy and even suicide (Gordon 61). According to a recent study by Elizabeth Warren, a professor at Harvard Law School "bankruptcy filings by Americans under 5 rose 51 percent between 11 and 1" (qtd. in Hoover ). Paying for college, living alone, money management are some of the pressures of university life. This stressful lifestyle encourages students to extend their credit lines making them more susceptible to debt. The recent suicides committed by college students highlight the urgent need to curb the marketing of credit cards on college campuses.
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