Peddling Credit to Our Kids
By Cathy Moran, California bankruptcy lawyer on May 15, 2007 in General Bankruptcy Information
One of the “truths” repeated among those who market credit cards is “You never forget your first credit card”. That explains the hordes of credit card tables at colleges when the freshmen come in for orientation and registration. Snap them up while they are young and you have them for life, they are thinking.
For a percentage of 18 year olds, away from home for the first time, the offer is too tempting. After all, our entire consumer culture is built on instant gratification. We are also encouraged to think that a credit card is essential for identification, travel and “emergencies”. Credit card issuers extend credit to these kids in the full knowledge that they are students, not employees.
Several years ago a study showed that credit card debt was the most frequent reason that students dropped out of college. They got hooked on credit, and it cost them their education.
On the Chris Matthews show on Sunday, Chris asked his guests for their advice to June graduates from our colleges. Stay out of credit card debt, said one panelist, so that you have the opportunity to travel the world, as another guest had urged. If you’re in debt to your eyeballs, that’s not possible.
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