In terms of credit card usage by college students, a Government Accountability Office (GAO) study found that students were more likely than other borrowers to run up debts they could not pay because of financial inexperience.
In recognition of this behavior, many credit card issuers provided access to financial education materials, and debt counseling services for students who faced repayment difficulties, but the GAO did not try to determine the effectiveness of these education efforts.6 Some preliminary research by others suggests some possible benefits from online credit education tutorials to college student cardholders, but it is possible that more responsible usage only reflects the type of student who would participate in the tutorial.7 Clearly, more research is needed to assess the efficacy of consumer education, and the Federal Reserve System has been an active promoter.