Credit card debt affecting students

A recent report from Equifax says credit card debt is up 15 per cent and young Canadians and students are feeling the brunt of it. Officials with the Students Association at Lethbridge College and the Students Union at the University of Lethbridge say it’s not surprising to hear that the debt is going up. They say they have been hearing from a lot of students who are struggling with credit card debt.  

“Our economy has skyrocketed, but students have no way of paying for it, especially if they’re full time in classes. And so they’re having to work twice as hard just to be able to accommodate, to provide their shelter, to pay for tuition. Everything has gone up, including tuition, and it’s going up again. Another 5.5 per cent,” said Niculina Jensen, Lethbridge College Students Association.

“You know, when the end of the month rolls around, students are left with an accumulation of their expenses. And if they’re not able to meet that, or if they are able to meet that, that’s great, but there’s a vast demographic of students who do not have the funds available to pay that off. So the impact of defaulting on that credit card payment isn’t just a steep interest rate of 21 per cent, just as an example in my personal case, but it’s rather a hit on your income, which can take significant efforts to grow and move as you transition into the next stage of your life, post graduation as well,” said Karivee Bhatt, University of Lethbridge Student’s Union.

Officials at both of our post-secondary’s say help is available to students who are having a difficult time affording food. They say students do have access to gift cards and hampers at the schools.