June 12th, 2009
I can just see that a HUGE economic issue is going to spill over with credit card companies. They go to college campuses, offer some free t-shirt or gimmick, and then all of a sudden students put a couple bucks on the card to pay for books, and BOOM they’re HOOKED! with 45% interest rates etc.
I also have some people I used to know who had $30,000 on credit cards… and I KNOW this is NOT a rare case.
What do you think?
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Posted in Law & Ethics
I am in absolute agreement with banning CC Companies from soliciting college students.
I think its time for people to take personal responsibility for their action and quit complaining about how the “man” put the screws to them.
this is EXACTLY why we are in this crisis, sub prime loans. We loan money to people who have a history of not paying bills and give them a these large loans and we wonder why we are in this mess and then we have those that default on their loan complaining about the lender forcing them to take the loan in the first place or some other excuse.
Grow up. If you take a credit card because they offered you a T-shirt I would say you need to stay in school a little more.
GL
i believe credit card companies should be banned from
soliciting to college students or people under
a certain age for the very reason you just cited.
The problem is that you are saying a college student doesn’t have the reasoning ability to understand the complex issues of personal finance. Yet we are more than willing to let citizens of that age make the decision to join the military or vote. I think it is curious that someone is allowed to marry, join the service and vote before they are allowed to drink. Credit cards are a tool that need to be utilized wisely. Just like all the other issues that need to be dealt with carefully.
What credit card charges 45% interest?
Should college students be insulated from getting credit cards? No — they’re adults, capable of making adult decisions over their own affairs. They talk about lowering the drinking age and the smoking age because they’re old enough to fight in a war, then they screw up their credit and suddenly they’re too young and naive to be entrusted with their own finances.
Once someone is 18, that’s it. People can’t just be an adult only when it’s fun or convenient.
Do the credit card companies drag the card holders out to the mall and to bars to make them spend? Do the credit card companies in any way obscure someone’s income so they can’t possibly know what they can afford? Do the credit card companies arbitrarily run up people’s balances to $30,000? No.
People, young and old, just spendspendspend and put off dealing with it until later. When later comes, they swear they’re being victimized. You don’t hear anyone crying about their evil credit cards when they’re spending on fun stuff; only when the bills come in.
Yes they should be banned.
Why not teach kids financial responsibility BEFORE the go off to college? It’s not the credit card companies fault that no one teaches young people any better.
I think it’s wrong for the credit card to target the less than smart - but the less than smart need to grow up and use their brains.
The rule in our house while our daughter is in college is no credit cards. She cannot apply for nor accept any credit card offer, and anything she puts on her “emergency” card (which is my account) must be paid off in the month she uses it - by her.
Fiscal responsibility — it needs to be taught, not regulated.
How right you are. Simply write your congress representative and suggest it be made into a bill and presented for passage. I think it would generate a lot of interest. Good for you sticking up for the next generation.
credit just makes things more expensive
yes
save, dont borrow…you will be able to buy more later , if you exercise just a little patience now
No kidding. 45% interest rate? Get a hold of yourself.
How about it’s required that a student takes a course before they can apply for a credit card.
A misinformed student can be a dangerous one.