Students and Debt
June 17th 2008 01:29
Traditional college students can be so naïve when it comes to money and credit. They get credit card applications at the bookstore and in the hallways as they walk to class. Everywhere they go, it seems like people want to give them money. They are easy targets for the credit card companies.
Convince them it’s free money, and they are like putty in the hands of a creditor. What happens next? The bill comes and they don’t have the money. I said that students can be naïve because I watch them talk to the people at the tables giving away Frisbees or water bottles to any one that completes and application. I watch them and I think about how they have no idea what they are getting into. They think that person with the free gift is their friend.
I also consider them to be naïve because they no idea of what their life is going to be like in four or five years after they have graduated and are facing payments on their student loans and those pesky credit cards. Each year that they are in college, they sign their future away in one way or another. College itself is a good thing, but how people are encouraged to pay for it these days…well, that’s another story entirely.
I don’t know how many times I can say this except. Please, please, please don’t get yourself into debt when you are 18. Using credit cards and taking out more than you need in student loans is going to cost you a home and car in the future. It is so hard to think about your financial future when you are so young, but if you don’t, trust me, you will regret it.
Convince them it’s free money, and they are like putty in the hands of a creditor. What happens next? The bill comes and they don’t have the money. I said that students can be naïve because I watch them talk to the people at the tables giving away Frisbees or water bottles to any one that completes and application. I watch them and I think about how they have no idea what they are getting into. They think that person with the free gift is their friend.
I also consider them to be naïve because they no idea of what their life is going to be like in four or five years after they have graduated and are facing payments on their student loans and those pesky credit cards. Each year that they are in college, they sign their future away in one way or another. College itself is a good thing, but how people are encouraged to pay for it these days…well, that’s another story entirely.
I don’t know how many times I can say this except. Please, please, please don’t get yourself into debt when you are 18. Using credit cards and taking out more than you need in student loans is going to cost you a home and car in the future. It is so hard to think about your financial future when you are so young, but if you don’t, trust me, you will regret it.
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