WASHPIRG chapters released the "Campus Credit Card Trap" report,
which outlined the unfair marketing practices of the credit industry.
Students overwhelmingly support limits on campus credit card marketing,
according to the results of the nationwide USPIRG survey of more than
1500 students at 40 colleges in 14 states.
The average student
receives nearly 5 credit card offers a month and nearly two in three
students reported that they had at least one credit card. Fifty-five
percent of cardholding students said they used their card for
day-to-day expenses. Reflecting escalating college costs, 55 percent
said they charge their books and nearly one-quarter said they pay their
tuition with a card. On average, freshmen had a balance of $1,301 and
seniors had more than twice that, $2,623.
Credit cards are
marketed to students using free gifts and introductory teaser rates.
The use of aggressive marketing techniques obscures students' ability
to be scrutinizing consumers when considering a credit card contract.
Seventy six percent of students reported stopping at tables on campus
to apply for credit cards, and nearly one-third were offered a free
gift to sign up.
Check out the Washington Post article printed April 13th 2008
Learn more at: truthaboutcredit.org
