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Students Take Initiative To Educate Peers Against Credit Card Debt Nov. 2, 1999 -- In response to rising concerns about credit card mismanagement and debt incurred by college students, a University of Virginia student group is launching an educational campaign this week. Volunteers in Madison House’s Consumer Information Service will distribute educational materials about credit card debt and financial management to students over the next three weeks. They will mount a display of materials describing the dangers of easy credit Nov. 1-5 in Newcomb Hall. They will also staff tables in Newcomb Hall from 1 to 3 p.m. Nov. 8-12. In addition, the volunteers will staff a table on the Lawn from 10 a.m. to 5 p.m. on Friday, Nov. 12. At the exhibit and tables will be information describing the dangers of consumer debt and where to go if experiencing financial trouble. Members of the Consumer Information Service will ask students to sign petitions saying that they will not sign up for more credit cards. "We want to warn students about the dangers of falling prey to plastic," said Jeffrey Shauer, program director of Consumer Information Services, who noted that Virginia state legislators recently discussed a proposal to ban credit card companies from soliciting on campuses after hearing numerous stories of youth succumbing to free give-aways and unsolicited appeals of credit card companies. An estimated 55 to 70 percent of college students own at least one credit card, according to national studies. Between a third and a half of the students don’t pay their monthly credit card balances in full and their debt averages from $580 to $725, according to the studies. Many experts say that the percent of students gaining cards is growing rapidly. The Consumer Information Service is one of 16 programs at Madison House, the student volunteer center at U.Va. For more information on the Consumer Information Service campaign, call Jeff Shauer or Gala Wan, CIS program directors, at Madison House at (804) 977-7051. Shauer can also be reached at jefe@virginia.edu. Contact: Ida Lee Wootten, (804) 924-6857 |
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