STUDENTS ARE MAXING OUT THEIR CREDIT CARDS
August 5, 2004
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According to the Customer Federation of America (Wash., D.C.) aggressive credit card marketing, lack of financial education, and peer pressure is causing increasing debt among teenagers and college students.
Over the last five years credit card marketing has shifted from young professionals to college freshmen and high school seniors.
It is estimated that 80% of young people between 18 and 20 are cardholders, according to a George Mason University survey. The survey also found that about 60% of those have “maxed the out” during their freshman year.
SOURCE: Workout Wire (NationalMortgageNews.com)
