Psycho-social factors impacting credit acquisition and use by college students

Abstract

In this article, we offer conceptual and empirical insight for understanding the psycho-social variables that impact the acquisition of credit cards by college students and their ultimate use. Along this line of inquiry and at a time when rising tuition, fewer grants and reduced state support has contributed to historic levels of student debt, a growing stream of research is investigating factors that impact ‘financially risky’ credit card usage by college students. For example, recent studies discuss parental involvement (Norvilitis and MacLean, 2010), impulsivity and compulsivity (Pinto and Mansfield, 2006; Wang and Xiao, 2009), financial anxiety (Nga et al, 2011), social status and materialism (Limbu et al, 2012), and locus of control (LOC) (Pirog and Roberts, 2007).