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it's time they grew up! if they are old enough to enter into a binding contract, they'd better be educated about them, ignorance is always a big problem and ignorance is never a good excuse
True...but these credit card companies are soliciting kids with no credit
They know exactly what they are doing and in my opinion should not be allowed to solicit the kids on campus..sharks barracudas are what these cc companies are
I saw it. You can get it on demand too, but for some reason I thought it was on showtime.
When your a freshman in college, you know everything, and nobody can tell you any different. Most of us have done things back then that make us cringe now when we think back on it. I got my first credit card that way. Most of the time I controlled myself, but once in a while I spent more than I had. Luckily nothing too serious, but I can see how easy it would be for an 18 year old to get into trouble. Anyway, there is nothing you can do about it legally, but I dont see why the colleges dont just make rules that keep these guys off campus. In most cases, it IS private property after all. Maybe the people paying the tuition should demand it.
True...but these credit card companies are soliciting kids with no credit
They know exactly what they are doing and in my opinion should not be allowed to solicit the kids on campus..sharks barracudas are what these cc companies are
two wrongs do not equal a right
Some of the colleges are the one's issueing cards to their students! Who wouldn't want a Visa or Master Card with their college logo imprinted on it? You must also consider the student loans that these kids have to pay back vs. what we had to pay back. I remember a 4 yr degree running about 40K max.... now it's closer to 40K per year! Imagine having a 160K debt at the age of 22? Even if you pay the minimum amount, you will be dead before the loan is ever satisfied.
ppl are tested everyday by unsrupulous ppl and should be taught that early in life ,this falls under the category of wants versus needs ,its rampant in our society today
ppl are tested everyday by unsrupulous ppl and should be taught that early in life ,this falls under the category of wants versus needs ,its rampant in our society today
I agree... but try telling an 18 yr old who has just been released from his parent's control : )
If a child is raised to be more responsible or has a better understanding of money, he/she will less likely fall into such credit card dilemmas.
Hell, I remember when I was 18 and signed up for a credit card just so I can get a free waterbottle. But that doesn't mean I went all out and charge what I can't afford to pay back.
Since most schools really don't educate children about the basics of personal finance, it's up to the parents to give their child some valuable lessons before sending them off into the real world....
If a child is raised to be more responsible or has a better understanding of money, he/she will less likely fall into such credit card dilemmas.
Hell, I remember when I was 18 and signed up for a credit card just so I can get a free waterbottle. But that doesn't mean I went all out and charge what I can't afford to pay back.
Since most schools really don't educate children about the basics of personal finance, it's up to the parents to give their child some valuable lessons before sending them off into the real world....
I signed up for one just to get a free camera. And I charged it ALL the way up, and then some. Took me years to pay off and, honestly, it was the best lesson about credit I could ever have. I will share my experience with my kids and let them make their own choice if they feel they need to live it to believe it.
If a child is raised to be more responsible or has a better understanding of money, he/she will less likely fall into such credit card dilemmas.
Hell, I remember when I was 18 and signed up for a credit card just so I can get a free waterbottle. But that doesn't mean I went all out and charge what I can't afford to pay back.
Since most schools really don't educate children about the basics of personal finance, it's up to the parents to give their child some valuable lessons before sending them off into the real world....
But we had a future... we knew that opportunity was there for the taking! what do kids today have to look forward too? They will come out of college expecting to get rich quick because they have a degree but all they will find are mediocre, low paying jobs and if they want a higher pay, they will need a masters degree... more schooling and more debt! Things have changed since we were young. The documentary also talk about a Two Tier Society... a small percentage of Americans who can afford to pay their bills and send their kids to college and a LARGE percentage of Americans living paycheck to paycheck. They even claimed that soon middle class Americans would just become part of the poor class...eventually running out of energy from juggling finances to afford to live... I already see this happening!
Some of the colleges are the one's issueing cards to their students! Who wouldn't want a Visa or Master Card with their college logo imprinted on it? You must also consider the student loans that these kids have to pay back vs. what we had to pay back. I remember a 4 yr degree running about 40K max.... now it's closer to 40K per year! Imagine having a 160K debt at the age of 22? Even if you pay the minimum amount, you will be dead before the loan is ever satisfied.
My current college allows us to put our remaining financial aid (after tuition/books) onto a bank card (which I don't do, because I'd rather just put my check into my own bank account) - but in order for me to receive what was mine, I had to set up an account with the company. I believe on their website, they also offered credit cards (which is a horrible scheme. Don't make us register our cards if we don't plan on using them [we do have to keep the cards, as well, even without money on them, or should we need a new one, it's a $20.00 fee!], just to get our money for our financial aid, and then try to give us a credit card )
And the price of tuition is outrageous, you're right. I found a tuition calculator type thing online, and I got an estimation of having well over 110k in tuition (and I don't plan on going to any private schools)!
They need to fix something with the situation on both credit cards, and tuition. They both go hand in hand, since I know a few people who are paying a heap for their books (1k in one case), on top of their tuition for classes. The students then feel the need to charge whatever items they need for college - because it's the only way that the stuff can be "afforded" - but even if the card gets paid off, the interest rates for the average college student are so insane, that the debt is more than it should be. Tuition needs to somehow be lowered, even if only a small amount.
I have 4 credit cards; 3 major CC's, one from a department store. I rarely use mine. I've been lucky enough in the past (nearly) 4 years (up until recently, due to medical, and not having insurance, but that itself is getting paid down) that I haven't had to max mine out, and have paid off the balances in full.
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