Credit Card Debt In America Essay

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Credit card debt is one of this nation’s leading internal problems. When credit was first introduced, and up until around the late 1970’s, the standards for getting a credit card were very high. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national credit card debt for families residing in the United States alone is in the trillions (Maxed Out). The average American family has around $9,000 in debt, and pays around $1,3000 a year on interest payments (Maxed Out). Many people have the concern today that these interest rates and fees are skyrocketing; and many do not…show more content…
James Scurlock sheds light on the fact that these credit card companies are going to do anything they can to get these kids to sign up. The companies send students a lot of advertisements for credit cards in the mail, and they will even come to college campuses and set up booths where anybody can apply for a credit card; usually using free give-a-ways as a form of bribery.
According to an article by, a survey done in 2008 by the U.S. Public Interest Research Group found that 80% of students received direct mail from card companies, and 22% said they received about four phone calls a month, on average, from these companies. This extremely persistent marketing and extreme lack of financial experience and discipline leads many college students into serious debt. Students are also a large target because credit card companies know that they often hold onto their credit cards until adulthood; and this is how one builds loyalty to a company. Also, if they fall into severe debt, parents are more likely to help bail them out than parents are likely to bail their adult children out (Dickler). In a survey taken of college students, 66% said that they do own credit cards already, and more than half of that 66% say they use

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