Survey Suggests Students Starting Poor Credit Habits
WASHINGTON -- An online survey of 500 college students has found that a significant number of them are starting life with very poor credit habits, according to the National Association of Retail Collection Attorneys, which sponsored the survey.
The survey found that more than a quarter of the self-selecting respondents thought it "reasonable to run up a debt that might take months or years to pay off to 'enjoy the moment.'"
"Our poll results show that too many young people are living for the moment and are not preparing for their financial future," said Robert Markoff, president of NARCA. "We conducted this poll to better understand college student views on debt. Having good credit probably has more impact on your life than having a minor criminal record. The type of impulsive behavior our data demonstrates can have significant and lasting effects on students' lives."The survey found 31% of students polled do not worry about debt, believing that they can pay it back once they are out of school and earning a regular paycheck and that an average of 23% chooses to ignore overdraft penalties and the prospect of months or years of paying off a debt incurred for a moment of fun, NARCA said.