The use of credit cards has resulted to non-financial considerations from the perspective of sociologists as well. In the book of Ritzer (1998) entitled “The McDonaldization Thesis,” it is mentioned that the electronic characteristic of the credit card industry has resulted to lesser interactions between human beings and has contributed to a sense of dehumanization.
This is likewise represented by the situations wherein it is the people who are being controlled by the system to a certain extent where the human touch is lost in the transactions made with the use of credit cards (Ritzer 1998). Moreover, the lesser need for human interaction leads to lesser jobs for the people (Ritzer 1998).
Issues related to the nonfinancial costs that can be taken from the use of credit cards deserve a deeper understanding as the impact which can not be quantified proves to be a greater burden for the society at a larger context.
Students and Credit Card Marketing
Dungan (2003) cited an argument from Robert Manning wherein the latter stated that “credit card companies direct their marketing efforts at the 250 largest public schools and their highly profitable student populations” (96). To a certain extent, there is a consent that comes from the universities that allow the marketing efforts of credit card companies to be directed towards the student population despite the risks and this exists in the example of the University of Tennessee wherein First USA is actually given the access to personal contact information of the students in exchange for $16.5 million (Dungan 2003).
Credit card companies are seeing this group as a profitable group of consumers that gives way to much effort exerted for the purpose of marketing the products to the students. Likewise, there are several benefits and income derived by the colleges and universities with the marketing activities launched by the companies that ranges from sponsorship of activities up to provision of credit cards for colleges as affiliates (Bijlefeld & Zoumbaris 2000).
College Credit Card Statistics
Lately, there is a triad of issues that are associated with one another that exists within the halls of the universities. This is composed of the plastic credit card possessed by college students that give them several credit card issues. Several researches, as stated by Walden and Thoms (2007), show that an estimated 70 percent of the total population of college students has an average of two credit cards and the median of credit balances amount to $3,400.
Likewise, 76% of the total population of students already has their credit card as they began their college lives (Walden & Toms 2007). Alarmingly, Sisodia and Sheth mention that these students have their credit card debt doubles and the number of credit cards they carry increases three times than what they have when they started (2006).
On a separate note, it is given by Godfrey and Richards (2004) that a debt of over $10,000 is made by twenty percent of the students and that for certain schools, the costs of credit card use and college loan amounts to over $20,000. There is also a noticed trend of lower ages set for those who are given credit cards among the colleges and universities (Godfrey & Richards 2004).