As America continually progresses as a society based on material desires, it becomes apparent how compulsive shopping habits and the repercussions, especially regarding credit card debt, affect many college students, including some at the University.
For many students, shopping helps relieve stress during the school year and is a source of entertainment. Sophomore Sujey Aguirre said she generally shops every weekend and considers herself a “shopaholic.”
“Shopping does relieve a great deal of my stress,” Aguirre said. “It’s just like any stress reliever, a temporary distraction. I’m in the mall, looking around for anything that catches my eye, going from rack to rack and not thinking about the paper due the next day or the exam I haven’t studied for.”
Although Aguirre said she hasn’t gotten into severe financial trouble because of her shopping, she has used money allocated toward grocery shopping and emergencies, she said.
Another reason that shopping is so enjoyable is the feeling it gives you after you buy something, freshman Amelia Unsicker said.
“When I see something that I like, it kind of relaxes me and makes me excited,” Unsicker said. “After I buy something, I almost feel accomplished, and I especially have a thing about shoes. I think that could be a downfall in my life.”
While some compulsive and frequent shoppers don’t get into serious financial trouble, many students are enticed by the promise of credit cards that give them what they consider free money. According to Americans for Fairness in Lending, a group concerned with credit card companies targeting college students, 83 percent of college students had a credit card in 2001, three-fifths of college freshmen max out their credit cards and, on average, credit card balances for college students have increased by 134 percent over the past 10 years.
Sophomore Brandon Phillips got a credit card last summer at the advice of his parents: for emergency purposes only. Because he was working two jobs at the time, he said he thought going shopping wasn’t a big deal, and he could easily pay the bill. He maxed out the credit card at $1,000 and is still chipping away at the balance as he also uses the card to purchase textbooks.
“I’m still trying to pay it all off … Once I got the credit card, it was like I had $1,000 to spend,” Phillips said.
Although Aguirre does not personally own a credit card, she feels the same sort of ease when using a debit card to purchase items.
“What compels me to shop is the fact that the money is there, and if I like or want something, I don’t see why I shouldn’t have it,” Aguirre said. “It’s so easy to swipe the card in order to get the top that fits perfectly or the must-have shoes.”
Having a credit card does not affect some students as much as it does others.
“A lot of people have (credit cards), but I think for the most part, college students try not to use them too much because they don’t want to rack up credit card debt,” Unsicker said.
Credit card practices vary among college students. Many have one credit card, using it solely for emergencies, while others have multiple cards, which is more rare.
“There are people I know who are definitely responsible financially,” Phillips said. “If you do get a credit card, make it only a $300 or $400 limit, just to buy books, because you can’t get in much trouble with that.”
While credit cards have an affect on all consumers, college students seem to be particularly affected due to shopping habits, coupled with a lack of knowledge about finances. But many other people also have troubles with shopping and credit, said Elizabeth Bickford, director of student financial aid.
“I think it’s a problem not just with students,” Bickford said. “It’s a problem that we might see with all ages. We’re a society that buys a lot of things. I’m not saying that’s good or bad. We just are, as a society or as a culture, and that comes with, apparently for some, credit card debt.”