Young, Gifted and Broke
The weekly Creative Loafing in Atlanta has a terrific story by Alyssa Abkowitz describing how "Generation Me" is marching into adulthood with a strong sense of entitlement and heavy debts. Abkowitz's "Their Cost to Bear" details how the average college student owes $20,000 in student loans and between $3,000 and $9,000 in credit card debt. This combination of voracious consumer appetites and burdensome debt leaves them ill prepared for adulthood, she writes. Abkowitz fills her story with great examples such as Michael Phillips, a law student who bids large amounts at a charity auction even though he expects to graduate with $220,000 in debt.
Kathy Chu of USA Today also took an interesting look at this topic last week with "Easy Credit Can Mean Long-Term Hardship for College Students."
Thank you to the Casey Journalism Center for alerting me to these stories.