Few students leave college with a plan for paying off their debt. Starting a career inundated with student loans and credit card debt burdens is a reality many college students face today. In the wake of graduation coming to terms with the consequences of credit card debt is stressful for many students. This dissertation observes the relationship between distress, credit card debt, and grade point averages for college students. Evidence suggests that there is a debt culture among college students that varies by income. Debt culture refers to the tolerance levels students have regarding credit card debt. Among economically advantaged college students, this study demonstrates that status consumption encourages purchases to gain peer recognition and social prestige. While disadvantaged college students illustrate patterns of survival borrowing. Borrowing from credit cards to meet basic needs such as clothing and textbooks. Findings from this study illustrate that having credit card accounts in collection increases distress and negatively affects grade point averages. Secondly, that family income is a significant predictor for grade point averages and financial literacy. Students who have higher family incomes report higher grade point averages, and are less likely to have accounts in collection. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]