One of the biggest problems today is the accumulation of debt by students during their time spent in university or collage. Many students go to school, work part time and are considered eligible for a credit card. In fact many credit card companies offer incentives targeted to attract collage and university students and entice them into obtaining a credit card.
The difficulty with student debt is this. Most students going through university or collage take advantage of various student loan programs. These programs are offered by many institutions and are often backed in some fashion or another by various levels of government. The loans are usually given to the students to cover the costs associated with attending university including tuition, living expenses, books, and study materials. These loans are often granted on the condition that they become due and payable at a given period of time after the student has graduated. This means that by the end of a four year degree a student could accumulate $40,000 or more in outstanding loans.
On top of the above student loans we now compound the problem by giving the students credit cards. Using a credit card is a very...
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