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Spring Break: Credit Card Debt's Negative Effect on GPA

Panama City FL , March 16, 2006 : Debts built up during Spring Break can push you GPA down and extend your time getting your degree.

University administrators cite mounting credit card debt as a top campus issue that impacts academic performance. Melissa Lavender, Director of Student Services at Gulf Coast Community College , shared, “Our students with credit card debt have a higher tendency to withdraw from college”. She added, “Debt from credit cards also have a negative impact on the time it takes to graduate. It causes full time students to become part-time in order to make time to work to pay off debts.”

At the heart of the issue is the massive appetite of credit card banks to sign up students. John Holdnack, Vice President of Administrative Services at Gulf Coast Community College, said, “Credit card companies are so aggressive that not only do banks go after my students on campus, but even my 16 year old daughter gets ‘pre-approved' offers”. Mr. Holdnack is also opposed to selling Gulf Coast Community College student lists to list brokers. Mr Holdnack summarized, “Personally I get solicited up to 9 times a week because of my alma mater. I won't expose my students by selling their names to a credit card company the way other college do even if it costs my institution revenue.”

Spring Break's coed vacation migration butts up against “National College Credit Card Debt Awareness Month”. Duck9 is one of the companies that supports the month by providing educational seminars both on campus and right off the beach at Spring Break. Larry Chiang, founder of Duck9, states, “Our goal is to help student steer clear of debt and minimize the purchases that lead to credit card balances”.

According to the website, Duck9 offers college students a free $100 to lend. Chiang has a previous track record of advocating proactive credit education, stated, “There are two sides to the interest rate equation and Duck9's goal is to encourage a lending mindset”. He added, “Once you taste the joy of charging interest, the tendency is to be much slower to rack up credit card balances”.

The seminars run twice a day all week at Boardwalk beach resort in Panama City . Given that they also advertise “free pizza” it might be well worth the 20 minute investment to get out of the sun and do something good and maybe save your GPA.

University of Minnesota study on credit card debt and depression in USA Today

About the companies mentioned:

Gulf Coast Community College Based in Panama City , GCCC is a comprehensive, public, two-year college serving the residents of Bay, Gulf , and Franklin counties, Florida .

www.Duck9.com is a website that promotes lending instead of borrowing. Students are encouraged to charge interest instead of paying interest. Compounding interest works for you or against you. Duck9 means avoid 9's on your credit report (a 9 is a charge-off which wrecks FICO scores).


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