In the 2008-2009 academic year, 15,610 students graduated from Arizona State University, in Tempe, AZ. Many of Arizona State’s recent graduates not only exit ASU with a degree but they also are the proud owners of new credit card debt that they obtained while attending Arizona’s largest university. Can financial trouble be far behind?
The amount of credit card debt owed by a “typical” college student continues to increase. Over 67% of undergraduate students claim to have at least one open credit card account. Many have more than one open account. A student graduating from college has on average between $3500 and $5000 of credit card debt. Many of these students owe much more.
Credit card companies count on college students at schools like Arizona State, University of Arizona in Tucson, and Northern Arizona University in Flagstaff to make money, preying on their financial inexperience. From the day they enroll, students become potential targets of credit card companies. Credit card companies look at these new students as a low credit risk as many have little or no current debt. The new students are young, financially irresponsible, and far from credit wise. Many of these students have never held full-time jobs, or work only during the summer.
There is a definite trend with credit card companies to market credit cards to these college students. Many college campuses, like ASU, UofA and NAU, allow credit card companies to market their credit cards on campus. Other ways that credit card companies market their credit cards to college students is to offer incentives to fraternities, sororities, and various campus organizations in exchange for these organizations signing up fellow students for new credit card accounts.
If you are a current college student at Arizona State University in Tempe, near Phoenix, the University of Arizona in Tucson, Northern Arizona University in Flagstaff or another college in the State of Arizona with more credit card debt than you can handle, consult an attorney who specializes in bankruptcy law. An experienced Arizona Bankruptcy attorney will know the best way to eliminate the credit card debt you gained at school and allow you to concentrate on the degree that you earned at school.
For more information about filing for Chapter 7 bankruptcy, bankruptcy, planning or filing for bankruptcy, contact one of our bankruptcy lawyers and speak to any of our experienced attorneys near Phoenix, Tempe, Tucson, Flagstaff or anywhere in Arizona. Contact one of our regional offices. It’s time for a fresh start.