There has been a push recently from consumer advocacy groups, college administrators, and student organizations to limit or ban the marketing of credit cards to college students. However, many others say that the best approach is not banning marketing but rather increasing education. Many colleges are now making personal financial management a mandatory undergraduate course to familiarize students with the dangers of taking on too much credit.

The Motley Fool recently reported that combined consumer debt has reached $1.7 trillion in 2001 with Americans paying $50 billion in finance charges alone. Meanwhile, 46% of householders are carrying credit card debt that averages $5,100. And more people than ever before are falling behind and being forced to declare bankruptcy. Clearly, there is a problem and one of the best ways to combat it may be through mandatory education as opposed to regulation.

In the end, the decision to get a credit card lies with the individual. Credit card companies are relying on uneducated customers to take on debt that they cannot afford and they will spare no expense marketing. Banning them from college campuses will only divert the dollars to other forms of media that reach the same college audience. But through education we can prevent credit card companies from ever happening in any medium.