Levels of debt and attitudes towards debt were investigated in a sample of undergraduate students. Students were found to be a relatively low-income, high-debt group with relatively tolerant attitudes towards debt. Some of the variables that have been found to be associated with debt in general public samples were also found to have significant effects in the student group: these included religion, age, number of credit cards used, and more tolerant attitudes towards debt. In addition, men were more likely to be in debt than women. Variables correlated with tolerant attitudes towards debt included age, some kinds of expenditure, religion, and external locus of control. A pseudo-longitudinal design was used to examine the relationship between attitudes and debt: cohort (year of study) was taken as a proxy for time. Higher levels of debt, and greater tolerance of debt, were found in students who had been at university longer. The increase in debt occurred earlier in students' careers than the increase in tolerance towards debt. The results are interpreted in terms of a life cycle theory of economic behaviour, and a behavioural theory of attitude change. Students come from relatively prosperous socioeconomic groups but have low incomes which they perceive as temporary; to sustain their expected life style, they have to accept some level of debt. Their attitudes then adjust towards tolerance of debt so as to ensure consistency.