The actions of credit card companies in swamping students with offers is insidious, invidious and indefensible. It is very difficult for the average student to leave a home where everything is provided, and start a life on campus where some of the creature comforts he or she has enjoyed, are missing. But that's life. It's a learning situation. Part of what you learn is that you can survive without all the gadgets and toys. All you really need are food and shelter. But in our society, people are inundated with advertising that strongly suggests it will be calamitous to venture out without the latest fashions, the latest electronic gizmos, etc.etc.
It isn't fair, but it's hard to imagine how it could be controlled. Advertising and temptations are everywhere. Financial counseling should be a required course for college and university students.
No, I think college students have enough on their minds than worry about credit card offers but unfortunately it is still a hard lesson to learn.
No - I am hoping that now that Congress is taking a fresh interest in CC Companies, these practices will be curtailed. Kind of like soda machines in the grade school cafeterias!
No. It happened to me and they made it so easy and I got into sooooooo much financial trouble. I think it is awful to take advantage of students striving for intellectual stimulation and a better life through education and burdening them along the way with financial obligations they may or may not be able to uphold. What happened to the days when usury was frowned upon?
I think students who are entering college are old enough and should have been taught enough to understand how credit cards work and whether or not they need one. They should also know by that point how to use one wisely.
I actually think it's worse for the rich spoiled students who get a credit card daddy pays for and can have anything they want.
College kids are the credit card companies future. Of course they are going to prey on them, the credit card companies just care about your money :)
My son is just 18 and gets probably 5 offers weekly from the same companies. I just throw them on our shredder to get rid of. He does have two cards in his name just to get his credit established, but the limit on both is $500. Parents need to sit down with their college bound teens and discuss the pros and cons of credit. My son has already learned when he lost his job and had a $400 balance on his card. Thankfully he got another job right away so it didn't hurt his credit, but this happening has showed him what can happen. In the long run it's both the student and the credit card company that pays the price when the student can't pay. The student ends up with bad credit and the credit card company will never get their money unless they take the student to court, which usually doesn't happen because it's not worth it. I wish all high schools would offer more practical courses that teach students the realities in life as an adult, so they can be aware of what these companies will do and how they can handle things. These classes seem much more important than jewelry making classes, etc. I try to teach my son how to use his credit wisely, like using it only when needed, not just because he wants the newest CD. I see it as a total waste to charge stuff like gas and Starbucks, because by the time you get the bill, you no longer have what you bought and now have to pay interest on it. So one card he has is stricly for emergencies only and my name is also on the account. So with proper education on credit, hopefully students won't have to learn that hard lesson you mentioned.
Well, they're college kids, aren't they? They are obviously intelligent enough to get into college, clearly they would be able to work out how to manage their finances?
If you spend more than you earn = debt.
Simple. Yet so many get it wrong.
Money management is a lifelong skill and everyone has to learn it at some point. I feel it's important to learn such skills as soon as possible and to be aware of their own spending habits. And if they need to change these habits, it's easier to change it earlier than later.
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