Why College Stydents Shouldnt Use Credit Cards

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College Students Shouldn’t Use Credit Cards

Thesis statement: Credit card companies lure college students with applications in the mail daily and advertisements causing them financial burdens. I. Responsible use of credit cards don’t exist

A. “Half of college undergraduates have four or more credit cards” B. “Only seventeen percent said they regularly paid all cards each month” C. “Eighty-two percent carry balances and incurred finance charges” II. College students lack financial management

A. “Students charge $2200 in direct education expenses” B. “Average undergrad carries $3173 in credit card debt, which is up forty-one percent from same study conducted in 2004” III. College students begin to perform poorly on academics and get into credit card debt A. Work multiple jobs taking away from academic time

B. Over borrow on student loans to get money to stay afloat and pay old debts C. Parents have to bail them out
D. Turn toward bankruptcy
E. Lose scholarships
IV. Credit card companies are running a business
A. Can’t beat the system
B. College students paying bills late make more money for credit card companies because they incur late charges and higher interest rates C. College students would rather flash plastic to look rich than spend money they have D. Could take years to get out of debt

V. Use debit cards or smart cards instead of credit cards A. Can still charge things, but they know what they have to spend B. Convenient and easy
C. Parents can set limit
D. No late penalties or interest
Concluding paragraph: The bottom line is college students are not responsible enough and lack financial management to be capable of having credit cards.

Sources Sited: Sallie Mae. (n.d). How Undergraduate Students Use Credit Cards. Retrieved July 13, 2010 from http://www.salliemae.com/about/news_info/research/credit_card_study/

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