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Article: African-American College Students Appear to Be Swimming in a Sea of Credit Card Debt
- Article from:
- The Journal of Blacks in Higher Education
- Article date:
- July 1, 2009
- Author:
CopyrightCopyright CH II Publishers, Inc. Summer 2009. Provided by ProQuest LLC. (Hide copyright information)
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With the economy in deep recession, college students are relying more than ever on their credit cards to meet expenses. They are compiling mountains of debt. All evidence shows that African-American college students are also digging themselves into a deep financial hole.
Anew study by Sallie Mae reports that on average college students have 4.6 credit cards. Some 45 percent of all U.S. college students have four or more credit cards. Credit cards give students financial freedom from parental oversight of their expenses.
One of the most shocking statistics is that nearly one third of all U. S. college students paid all or part of their tuition by using credit cards. More than 90 percent of ...