The use of credit cards among college students has risen to an all-time high, according to a report released by the student loan company Sallie Mae.According to the report, college students own an average of 4.6 credit cards, and the mean credit card debt has increased from ,169in2004t03,173 in 2008. But students who discussed credit card use with their parents were less likely to overspend, according to the report."Students indicated that they wanted more information about smart money management and they wanted it earlier than even college," said Patricia Nash Christel, a specialist in saving, planning, and paying for college at Sallie Mae.Christel said the credit problems are related to rising college tuitions and lack of family savings. Many households are simply underestimating the cost of paying for college while the convenience of credit card use—especially online—provides a constant temptation for college-age students.Contrary to the findings of the study, Harvard students and affiliates have remained relatively unaffected by the trend of increasing debt.Gene Foley, president of the Harvard University Employees Credit Union, said, "On the Harvard campus, we have not really seen students who look like they're getting out of control or getting into trouble with their credit cards." Foley added that there has not been a spike in the demand for credit or requests for cash advances recently.Foley said that part of this stability at Harvard is a result of the credit union's attempts to maintain the limits it sets on student credit cards. The credit union arranges for financial literacy and education programmes to teach students about the dangers of credit card abuse.However, Harvard has not been completely unaffected by the changes in consumer financial behaviour. Although applications for credit cards at the Harvard union have not increased, the amount drawn from each card has risen, said Foley.In addition, Harvard students may be succumbing to the same temptations as other undergraduates across the nation. "There's about 4 or 5 major credit card lenders, and some of them have preyed on students," Foley said.He said that direct marketing to college-age students has resulted in the increased credit card usage and debt recently.Nonetheless, Foley warned that the disadvantages of excessive credit card debt do not outweigh the advantages offered by this form of payment."While students need to be cautious about credit cards, it doesn't mean you shouldn't have one," he said.1. According to the report released by Sallie Mae, it is less possible for college students to overspend if ________________.A) they talk about the use of credit cards with their parents B) their parents are wealthy enough to repay the debtC) their parents set strict limits on the use of credit cardsD) they have been aware how to use credit cards reasonably2. What does Christel think account for the credit problems of some households?A) The households are not aware of the seriousness of having a bad credit record.B) Some unexpected troubles the households undergo make them unable to repay the debt.C) The households didn't expect that it cost so much to go to college. D) The households spent all their money on something like travelling.3. Gene Foley thinks the change in credit card use on Harvard campus is that ________________.A) more and more students apply for credit cardsB) the money drawn from each card is on the rise C) some students apply for more than one cardD) some students tend to abuse their cards4. What does Foley think lead to the increase in credit card application on campus?A) The direct marketing made by some credit card companies to students. B) The financial literacy and education programmes offered by Credit Union.C) More and more frequent emergencies that students may face.D) Stronger and stronger sense of independence that students need.5. What is Foley's attitude towards students' use of credit card?A) Disapproval.B) Indifferent.C) Neutral.D) Approval.

The use of credit cards among college students has risen to an all-time high, according to a report released by the student loan company Sallie Mae.

According to the report, college students own an average of 4.6 credit cards, and the mean credit card debt has increased from 3,173 in 2008. But students who discussed credit card use with their parents were less likely to overspend, according to the report.

"Students indicated that they wanted more information about smart money management and they wanted it earlier than even college," said Patricia Nash Christel, a specialist in saving, planning, and paying for college at Sallie Mae.

Christel said the credit problems are related to rising college tuitions and lack of family savings. Many households are simply underestimating the cost of paying for college while the convenience of credit card use—especially online—provides a constant temptation for college-age students.

Contrary to the findings of the study, Harvard students and affiliates have remained relatively unaffected by the trend of increasing debt.

Gene Foley, president of the Harvard University Employees Credit Union, said, "On the Harvard campus, we have not really seen students who look like they're getting out of control or getting into trouble with their credit cards." Foley added that there has not been a spike in the demand for credit or requests for cash advances recently.

Foley said that part of this stability at Harvard is a result of the credit union's attempts to maintain the limits it sets on student credit cards. The credit union arranges for financial literacy and education programmes to teach students about the dangers of credit card abuse.

However, Harvard has not been completely unaffected by the changes in consumer financial behaviour. Although applications for credit cards at the Harvard union have not increased, the amount drawn from each card has risen, said Foley.

In addition, Harvard students may be succumbing to the same temptations as other undergraduates across the nation. "There's about 4 or 5 major credit card lenders, and some of them have preyed on students," Foley said.

He said that direct marketing to college-age students has resulted in the increased credit card usage and debt recently.

Nonetheless, Foley warned that the disadvantages of excessive credit card debt do not outweigh the advantages offered by this form of payment.

"While students need to be cautious about credit cards, it doesn't mean you shouldn't have one," he said.

1. According to the report released by Sallie Mae, it is less possible for college students to overspend if ________________.

A)  they talk about the use of credit cards with their parents
B)  their parents are wealthy enough to repay the debt
C)  their parents set strict limits on the use of credit cards
D)  they have been aware how to use credit cards reasonably

2. What does Christel think account for the credit problems of some households?

A)  The households are not aware of the seriousness of having a bad credit record.
B)  Some unexpected troubles the households undergo make them unable to repay the debt.
C)  The households didn't expect that it cost so much to go to college.
D)  The households spent all their money on something like travelling.

3. Gene Foley thinks the change in credit card use on Harvard campus is that ________________.

A)  more and more students apply for credit cards
B)  the money drawn from each card is on the rise
C)  some students apply for more than one card
D)  some students tend to abuse their cards

4. What does Foley think lead to the increase in credit card application on campus?

A)  The direct marketing made by some credit card companies to students.
B)  The financial literacy and education programmes offered by Credit Union.
C)  More and more frequent emergencies that students may face.
D)  Stronger and stronger sense of independence that students need.

5. What is Foley's attitude towards students' use of credit card?

A)  Disapproval.

B)  Indifferent.

C)  Neutral.

D)  Approval.