When did the aggressive credit card marketing to college students really start?
The late 1980s. That’s why I argue that it is so critical in terms of the transformation of American attitudes because what they have done is turned on its head the social responsibility [previously] associated with credit and debt. Before, you were only getting credit if you had proved yourself worthy by having a good credit history or by having job … now the industry has allowed people to get credit without ever having a job. Banks are having a more profound influence on this generation’s attitude toward debt. Now it even can precede the influence of parents … these attitudes are shaped prior to parents being able to teach what is good [debt] and what is bad debt. Even during the slight dip in bankruptcy rates over the last two years, people 25 and under showed a sharp increase in bankruptcy. Using the term “graduating into debt” is now “graduating into bankruptcy.” There are people just a couple of years out of college who can’t pay their bills because of credit card debt. You’v
