Credit Cards and the School of Hard Knocks

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8/6/2008, 7:36 pm

School is about to start again and college students will face a wall of credit card offers when they arrive on campus. At first it doesn’t make sense. Why would credit card companies want to give accounts to a group of people who are usually unemployed, low on funds, and have little hope of making their monthly payments?

It’s the debt trap. Credit card companies don’t make money from people who pay their balance each month. Credit card companies make billions from late payment fees and outrageous interest rates. College students are the perfect target audience.

And schools are in collusion with credit card companies! Many universities and alumni associations make money by referring students to apply for credit cards and even debit/student ID cards! The primary education students who fall for these offers being pushed by schools will probably come from the school of hard knocks.

We’re sacrificing a generation to the god of Greed. Capitalism is not a good system when it sucks the life out of a young person’s future.

Read about it in “Parents face a perfect storm: college kids and plastic“.

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3 Comments

Credit Crunch » Credit Cards and the School of Hard Knocks:

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8/6/2008, 8:01 pm
hard knocks | hotwordstoday:

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8/6/2008, 8:40 pm
GHarri:

Real-life money management can be an important part of the college education experience, but you have to be very careful and vigilant about your spending. Good thread on college students and credit cards here:
http://digits.hrblock.com/ssDigits/digits.php?rType=1&sPath=2441&sNode=2441&uId=294
8/11/2008, 2:39 pm