Besides getting bombarded with credit card advertising directly through the mail, many companies market on college campuses, and through marketing relationships with alumni associations. “In exchange for helping the credit card companies acquire new customers,” Milgram says, “the school receives a small percentage of the transaction revenue.”

According to Manning’s “Credit Card Nation,” schools will sacrifice their students’ financial well-being for these small incentives from credit card companies. Not only that, but they fail to provide adequate credit card education and financial literacy programs. So who’s to blame – credit card companies, poor education, or ourselves?

Manning writes, “student groups, parents, and alumni have intensified pressure on college administrations to ban or restrict credit card marketing on their campuses.” As a result, there was an attempt to create a credit card campaign similar to the “drink responsibly” liquor ads. Some schools have also started to create courses on credit cards and personal finance.

In reaction to the national student debt crisis, the government began to take action. In October 1999, the College Student Credit Card Protection Act was introduced to Congress.

The bill would limit the amount of credit available to a student – being no greater than “20 percent of [their] annual gross income.” It would also limit a full-time student “without independent income” to “one credit card account.” The bill has yet to be passed, even after its third revision this past August.

The important thing to remember is that the individual is responsible for his or her own financial decisions. If someone is in the financial position to own a credit card, they should read the fine print and try not abuse it. It’s crucial to be aware of interest rates, and deadlines, and to graduate without debt. If you do, Milgram warns, “be sure you can afford that debt in addition to your other expenses.”

Yadira Alvarez, a sophomore at Columbia University, finds that “debit cards are more convenient,” but does have one credit card.

“I only use it when I know I have the money to pay for it,” she says. “It’s definitely not my main source of money.”

Don’t fall for traps by credit card companies. Just because they offer a higher credit line, doesn’t mean the credit holder can afford it. On creditcard.com, for example, there is an article advising students to put their loans on a credit card. Be aware of the source of information.

If someone isn’t financially stable, then they shouldn’t open an account. It’s often advised: get a plant before a puppy. Well, try debit before credit.