Credit Card Use by College Students

Credit cards have become an acceptable means for purchasing goods and services in the United States (Bloom & Steen, 1987; Canner & Cyrnak, 1986; Hendrickson, 1972). Total charge volume of general purpose credit cards in the United States has increased from $67 billion to $371 billion in 10 years (Shapiro, 1992). Also increasing is the amount of credit card debt, rising from $49 billion in the 1980s to $194 billion in the early 1990s (Boston Company Economic Advisors, 1992). Major credit card companies compete to sign up college students, one untapped market in their industry (American Demographics, 1991; Duffy, 1990; Schram, 1991). Presently 9 to 13 million college students spend about $60 billion a year, including $13 billion i