Public Enemy No.1 for College Students: Credit CardsJuly 21, 2006
"Did you know that many college administrators and other officials feel that credit card debt is a bigger problem on college campuses than sex, drugs, and Rock & Roll? Students who carry large credit card bills earn lower grades, work more (the two are apparently related), are more depressed, and are more likely to drop out," says James A. Roberts, Associate Professor of Marketing and W.A. Mays Professor of Entrepreneurship at Baylor University's Hankamer School of Business. "And, the problems don't stop there. College graduates with bad debt on their records may find it more difficult to find a job (yes, employers look at these things), get a home loan or go to graduate school. Additionally, they also are less likely to take lower paying jobs (teachers, non-profits) because of the need to pay off their debt. Parents, be sure to take the steps necessary to be sure that little Johnny or Sally is prepared to pass Credit Card Use 101 when he enters the school of hard knocks."