US colleges and universities are doing a bad job of teaching students of the dangers of consumer debt. Some are even helping credit card companies get access to students while they are most vulnerable. Credit card companies routinely setup shop with the consent of schools in return for payments and other benefits for the institution. Many universities also provide credit card companies with mailing lists of students, who then get bombarded with campus and home junkmail.

Colleges receive a small kickback, but is it really worth the average $20,000 in student loan debt? 56 percent of students reported gettin gtheir first credit card at age 18 in their freshman year. When they reach their senior year, the number of credit cards increases to four on average for this same 56 percent. The fact is that most college students are not able to manage their debt effectively. They lack the financial discipline to postpone purchases they cannot afford and credit cards make this activity even easier. Perhaps its time that universities give up the kickbacks and credit card sponsorships.