College students are going into debt

According to the annual Credit Card Survey by Myvesta.org, a nonprofit consumer education organization, college-age adults have increased their amount of credit card debt by 42 percent over the past year.

Those aged 18 through 24 are now carrying an average balance of $1,208 on their credit cards, up from $849 in 2002. These results come as Americans on the whole are reducing debt carried on their cards.

According to the Myvesta.org survey, the average American now has $2,294 in credit card debt, down from $3,250 in 2002.

"I see a large gap between college-age adults and older Americans when it comes to money," said Steve Rhode, president and co-founder of Myvesta.org.

"Many younger Americans have not gone through any significant period of economic hardship. They are used to having what they want, when they want it. Since college students usually don’t have a large cash flow, they are viewing credit cards as a way to charge what they want today, without having to worry about paying for it until tomorrow."

While various consumer groups and legislators have pushed to ban credit-card marketing on college campuses, Rhode argues that on-campus marketing has little to do with higher college debt loads.

"Banning credit card marketing on college campuses because some students have gotten into debt would be like banning pizza places on campus because some of the students have gained weight," Rhode said. "Money and food are very much alike in that they are both substances that we have to use on an everyday basis, and overindulgence in either of the two can be detrimental. It all comes down to personal responsibility when you choose to eat too much or spend outside of your means.

"Even if credit cards weren’t marketed on campus, college students would still have access to credit and would still need to use credit cards," Rhode said.