College campuses nationwide have metaphorically become the credit card debt capitals of America.
College students, both undergraduates and postgraduates, are notorious for registering for these plastic moneylenders with very little knowledge of their benefits and dangers. The average college student often receives enticing offers in the mail from various companies to apply for a credit card.
An ignorant minority sign up and after buying a new wardrobe and their dream vehicle, they soon begin to drown in debt. This overwhelming financial situation plagues the adult life of most of these people and typically has a lasting effect on their monetary capabilities.  
According to a 2012 Sallie Mae survey, 35 percent of college students had credit cards. A study conducted by the Federal Reserve showed that the average undergraduate student is in debt $3,173.
That statistic of college students who possess a credit card decreased from the past two years after President Barack Obama signed the Credit Card Responsibility and Disclosure Act. Considering this legislation implemented new monitoring and disclosure requirements for aspiring card holders, financial experts attribute the lack of credit card using college students to this bill.
For example, this legislation required those younger than 21 years of age to have a 21-year-old cosigner unless the applicant could provide sufficient proof that they are capable of paying their expenses. Obama and the rest of Congress might have had good intentions behind that bill, but the bill undoubtedly shone a negative light on the premise of buying based on credit that is not entirely deserved.
For a normal consumer, but also applying to college students, using a credit card responsibly can have several benefits. Many credit card companies endow new clients with cash stipends in upwards of a few hundred dollars.
Consumers can also earn in upwards of five percent of their purchases in reparation for using a card. Free airfare is often given to those with a card that has an affiliation to an airline.
Nearly every credit card company rewards its clients with points that can be redeemed for some type of prize, whether cash, some technological gadget or household item. However, the most important and beneficial aspect of having a credit card, especially around the usual age of the average college student, is the ability to build your credit score.
A large populace of Nicholls’ students is still blessed with financial assistance from their parents. For those who have obtained useful scholarships such as TOPS and several others, tuition has not placed a heavy monetary burden on their wallets. But as this point in our lives, typically around the age of 21, we will soon be faced with a myriad of issues that will affect our finances.
As much as you ignore this possibility, that 1996 Pontiac Grand Prix that your nanny gave to you for your sweet 16 will not run forever. Engagement rings, mortgages and car notes loom in our near future. For some who lack solid financial backing, these imposing costs will only be fundable through the process of borrowing money.
Any topic these days is looked at negatively when people do not understand its content. Alcohol, similar to credit cards, can be used carefully and beneficially by those who are aware of its dangers. Credit cards: spend responsibly.