One of the groups hardest hit during this recession have been college students, and they’re graduating with the burden of heavier credit card debt than ever before. College students have always been a favorite target of credit card companies who are looking to build loyal customers from an early stage who could stay loyal for years to come. College kids who can’t afford to pay off their debts often have their parents to help bail them out, providing credit card issuers with some additional insurance against default.

College students also don’t often have the financial savvy to understand the dangers of mounting credit card debt, making them easy to attract with as little as a free t-shirt or beach towel. Once the card is issues and the student is spending, they’re often in over their heads before they know it. As recently of 2004, the average college student graduated with $2900 in credit card debt. Just 4 years later, graduates in the class of 2008 carried an average of $4100 in credit card debt, and some graduate with much more serious debt problems than that.

The debt problems are magnified today because of how hard it is for many of these graduates to get a good job coming out of college. Companies have spent the past year downsizing as a result of one of the worst recessions on record, and very few companies are hiring. There are still jobs to be had in education, health care, and with the government, but most industries have seen massive cuts over the past year.

Some colleges are dealing with the problem head on, banning credit card companies from marketing to the students on their campuses. Others are working to educate their students on the dangers of credit card debt. Adding a heavy credit card debt load to student loans can be a big stumbling block for graduates looking to get ahead in life, and the delay that many students are facing in finding their dream job is likely to lead us to even more severe debt problems for college grads.

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Tags: college students, credit card debt, debt problems, finance

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