Not all of this is credit card debt, but credit cards are the fastest, easiest ways to get into unsecured debt. Credit cards are basically a new phenomena, pervasive in society for only the last 20 or 30 years. Originally, credit cards were instituted for the convenience of business travelers. They were used on the road to keep a record of travel expenses for employers. And college students are particularly susceptible to the improper use of credit cards, he says.
Credit cards are instantaneous, and a lot of spending is done on an emotional basis.
It's used to cure boredom, to console yourself when you've flunked an exam, show off for your friends, facilitate dating, celebrate because you got an A instead of flunking. Mundis hints that credit card companies and banks know this about college students. Most students today are solicited for credit cards the instant they step foot on campus. Most of them even before they hit bookstores. Sam-like poster out.