Frequently Asked Questions

The Hard Facts.
What is Debt Disease?
A. The accumulation of debt can feel just like a disease. You may not remember where or how you caught it–and it sure is hard to get rid of once you are infected. If you're not careful, credit card companies and big banks can spread their germs and get inside your wallet.

What causes Debt Disease?
A. Credit cards, debit cards, school loans are just a few of the ways you can catch the "D." With banks increasingly marketing credit cards and loans to young people these days, it's no wonder so many of us have "caught" some type of debt. Throw in hidden fees and high interest rates and it's no wonder that 78% of college students have at least one credit card and 41% of graduating seniors have credit card debt with an average balance of over $3,000. have some amount of debt. Read more about What Are Big Banks Up To.

How many people are infected with Debt Disease?
A. Debt Disease has reached epidemic proportions–in fact, if you're 18 years of age or older, chances are you have Debt Disease. It's estimated that nearly 700 million credit cards are active right now–and only 7% of Americans don't have a credit card. Meanwhile, consumer debt has reached $915 billion dollars and the average borrower has a balance of $9,000. (Source: Killer Credit/cardtrak.com) More: Facts on Debt Disease.

Symptoms.
How do I know if I have Debt Disease?
A. While there are no obvious symptoms, the effects of Debt Disease could be harmful if left untreated. Side effects–which could intensify over time as you accumulate more debt each month-include phone calls from debt collectors, poor credit scores, and sleep deprivation due to stress.

Transmission.
How is Debt Disease transmitted?
A. At age 18, you may begin receiving letters from banks and credit card companies. If you're not careful, your acceptance of bonus offers and cash back rewards could be all the access needed to infect you with Debt Disease.

Can I get Debt Disease from casual contact?

A. Peer pressure can play a role in the spread of Debt Disease. Remember: Just because all of your friends are doing it doesn't mean you have to, too.

Prevention and Treatment.
How can I protect myself from Debt Disease?

A. Abstinence is the only surefire way to avoid catching Debt Disease. If you're concerned that you or your friends can't keep your credit card in your pocket, Credit Card Condoms could be helpful. Keep in mind: although Credit Card Condoms are 99.9% effective, they are only an aide for learning to live a debt–free lifestyle.

How can I help prevent the spread of Debt Disease?
A. Spread the word about the dangers of debt and help stop the spread of Debt Disease. Make your own video public service announcement (PSA) and you could win $5,000 toward your school expenses.

How can I treat Debt Disease?
A. If you already have Debt Disease, treatment is available. Get professional help and learn to manage, reduce, and eliminate your debt.

Read the Facts on Debt Disease.