He had wanted to go to law school but didn t think he could get a loan to pay tuition because he owed so much on his cards. Like most kids in credit card debt, Sean was a good kid. The letter from Sean s mother is one of the most tragic I have received from frustrated parents, for it is seldom that a child s suicide is related. But there are thousands of parents who are either fending off credit card solicitations to their children, or helping them whittle down mounting credit card debts. And the trend is building.
More students possess credit cards than at any other time in history.
A recent survey showed that 49 percent of students have four or more credit cards, and only 18 percent pay off their balances each month. Universities are waking up to the fact that a heavy debt load means a lighter course load, as more students drop out and find a job to pay off credit card companies. John Jay College has since banned credit card companies from marketing on campus, following the lead of many institutions of higher learning across the nation that are concerned about ballooning student debt. We all want freshmen entering college to know the ABCs of managing debt but, understanding the fine print of credit card solicitations almost requires a magnifying glass, and a law degree. The information about the services and fees described in this application is accurate as of March 1, 1998.