Issue date: 3/8/07 Section: Features

Media Credit: Ashley Randazzo According to creditcards.com, the American consumer credit card debt reached $2.2 trillion in 2005.

In this generation, almost all Americans have at least one credit card in their name. According to creditcards.com/statistics, in 2004 there were 1.3 billion credit cards in circulation throughout the United States. Credit cards seem to be easy enough, pretty much a "get-now and pay-later" theory; however credit cards can be the reason why Americans fall into massive amounts of debt each year.

Credit card debt has been increasing throughout the years. According to creditcards.com/statistics, in 1994, Americans consumer debt reached $1 trillion. With an increase in almost a trillion dollars, the debt in 2005 reached $2.2 trillion. Even college students are falling into the habit.

Many college students and graduate students are finding themselves in this sort of problem. Credit card companies start sending out offers for their cards as soon as someone turns 18. There is a guarantee that you will find at least one offer every week in your mailbox. According to the Credit Card Industry, they have mailed out over 6 billion credit card offers in 2005, which on average is six offers per household per month.

Most students receive their first credit card when they begin college. Most parents set their children up with an easy first-time cardholder account. Once students become used to the idea and understand how to take care of their credit card, many can become in fascinated with the idea of getting now and paying later. Soon many realize how easy it is to apply for all different types of credit cards, which becomes overwhelming for many.

This is what happened to Laura, who asked that her last name not be used. Laura is an eighth-grade English teacher, who graduated from college in 2002. While in college, Laura lived at home and commuted each day to Temple University. Laura received her first credit card the summer going into college. She was 18 at the time. Like many students, her parents signed for her and made sure it was used for emergencies only.

Laura seemed to be very responsible with her credit card. She only used it for emergencies or when she was low on cash. She became very confident with the idea of having a credit card and paying off the payments. Laura began receiving many different credit cards offers in the mail and in different stores. She decided to take up on a few of the offers.

Continued...

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