BEST FRIEND OR
WORST ENEMY: DEBT CONSUMPTION OF COLLEGE STUDENTS
Jianfeng Wang
Melanie Wallendorf
University of Arizona
Abstract
In this research project, we explored the consumer debts of
college students by means of a survey study and a qualitative study. The goal
of the survey study was to discover what factors affect college students
credit card debt accrual. We found that compulsive buying and budget constraints
affected whether students carried credit card balances or not. After focusing
on students with credit card debts, we found that the family resources which
were provided to students during their childhood were the only factors that
influenced the students degree of credit card indebtedness. The aim of the in-depth
interviews was to make connections between consumer debts and various aspects
of the students social lives. We intended to understand how students utilize
debts to complete their life projects. We found that students employ debt as a
leveraging tool to balance both obligations and freedoms in their social
relationships. Young debtors interpret and negotiate meanings of debt in line
with their socially constructed environments and also the relationships in
their networks. Echoing findings from our survey study, we discuss several ways
that family support influences students debt behavior.