College Students Sinking In Credit Card Debt

[dochokeana]

(continued) Also you can't stay away from credit cards forever. As an immigrant child I remember how hard it was for my parents to buy a car and even rent an apartment because coming from another county we had no credit history. The only way they were approved to buy a car was when they took it on credit and payed it back (they could afford to buy right then on the spot so it was safe) and that established the credit history.

[dochokeana]

I think the problem is the atmosphere people had been brought up in. As a recent college grad I still remember how HARD it was to stay away from credit cards even though I had lists of warnings and reasons and already thanks to my parents knew the value of money. A lot of my classmates grew up in homes where parents would "wack it on the card" whenever they wanted some new flashy thing. Kids like that are a gold mine to credit card sharks because they know no other life.

[makeiteasyable]

ty

[jebenn23]

The you need credit thing is BS. Save up cash for a house. Don't buy anything if you can't afford it. Never buy a new car, only drive beaters while you are young and save, save, save for that house. My opinion is that if you cant save the money in 15 years to buy that house you want you can't afford it.

[Leeeeeeeeeeeeeee25]

that one blonde girl with the pink top got some nice titays!!!!!

[nadmc]

I totally thought of the donation I just made today: donatetoale.weebly.com That is why I help this person with $7. donatetoale.weebly.com

[herbivore007]

I cant even believe that this woman has been admitted to college with such a irresponsible manner of handling her finance. Before I went to college, me and my parents made a financial plan which i followed religiously. Now I graduated without debt.

[WonderWomanFan4life]

only stupid parents think someone else is doing whatever... the smart parents already know whats happening they keep up with EVERYTHING and they taught they're kids when they were 8 years old. BS shut up Medusa

[WonderWomanFan4life]

The interviewer makes me sick. LIAR.. why is MEDUSA on here telling the world her problems..

[WonderWomanFan4life]

her hair looks like snakes or medusa

[inkey2]

the youth today feel that they are entitled to the finest things in life even though they have not worked for it or can afford it. The credit card companies of course share the blame. In the late 70s it would be utterly impossible for anyone w/out a full time job to get a credit card. It took me about 3 years to get a major credit card. I lucked out one day when Amoco OIl Co. gave me a credit card out of the blue...from there i got the major ones

[avataz]

This is pathetic. I had 4 credit cards in college and never paid a dime in interest or late payments. DONT CHARGE WHAT YOU CAN"T PAY BACK! What a bunch of losers

[henik9]

NEVER get a credit card from some dude offering you a free value meal at McDonald's to sign up. Simply put down fake info and receive value meal anyway.

[pantyflash]

Like, bummer! Colleges that partner with credit-card companies should teach a required course on how to file bankruptcy. Problem solved!

[lsnows]

This gal is really sharp. She's more than just smart, she's got discipline. More than anything, she's hip- a quality that attracts her to college students. Thanks for this post.

[graymic]

ok... or... you could just save your money and stop being a dweeb spending money you don't have lol.

[WonderWomanFan4life]

@graymic

yeah took me many years to understand what YOU just said, but seriously VERY wise words. But they do not see what we already know

[agnhd]

Interest is the invention of Satan - Thomas Edison

[twowheels07]

You do NOT need a credit card. A debit card will allow you to do anything a credit card will EXCEPT get you into debt. If you cant pay cash you can't afford it! And that includes cars. if you use your head you can own good quality late model used cars for life without debt.

Why not teach our kids to save and invest instead of spend and get debt?

[oczindian03]

not entirely true. are you going to save up money and buy a house with cash? No your going to take out a 30 year mortgage. Strong credit will give you low interest rates.

[twowheels07]

What I say is true. If you pay your bills on time, pay your rent on time, have NO consumer debt, and show a regular serious saving history you can save the down payment and get a mortgage for a house you CAN afford and not one you can't afford, just to impress your friends. It can be done. It just takes a little dicipline and desire! If you do these things you will be able to find a bank that will asses you on your merits and not rely on a stupid FICO score.

[inkey2]

@twowheels07 you are right....my wife and I saved for about 10 years so we could buy a small 1 bedroom condo in the Boston burbs. I even paid off the 30 year mortgage in 11 years.....you need dicipline

[twowheels07]

@inkey2 You are awsome Inky2 Way to go. Just goes to show what can be done when you have the will.

[onlybaby90]

I'm a freshman in college and have one credit card with only a $500 limit....THAT'S IT. I will not get any more credit cards. So far the only thing I've bought on my card is bus tickets to go home and Microsoft Office word, and ALL of it has been paid back. Its about self control people. You DON'T need that new Prada Bag!!!!!

[orasis]

@onlybaby90

That's the key - self-control - do not make purchases based on emotion.

Buy only what you can afford and need, nothing more. Sure you won't look as good or have the best car - but you'll be rich, because you don't have any debts.

You sleep better too lol. :P

[sfordgg]

im teachin my kids to charge as much as posible and never pay anything back ha haa

[LokiV]

what about going without and saving?

[FaithfulAndTrue1]

Did she say on avg. 3-7 thousand? I'm sure that's inaccurate.

[jaysmic24]

i warn my daughter that its college years where they start to hook you into a lifetime of debt.... i learned that the hard way...

[lilgame34]

Oh man, do you have some major disappointment going to center punch your ass

[SirYawnsalot]

A hunge majority of students aren't supposed to be in debt. You can just live near campus. No need for a laptop/ iPod/ car/ TV/ high phone bills. etc etc.... I've seen a lot of liberal arts majors with the latest Mac laptops. Makes no sense.

[inkey2]

I am 55 years old.....it used to be very hard to get a credit card. When I was 25 years old I tried to get credit cards for about 2 years with no luck ....and I had been working full time for 5 years at the same company. Finally I lucked out when Amoco Oil Co. sent me an invitation for their gas card. After I used it for a year THEN it was easy to get a Visa or mastercard

[unytcommsys]

The problem is that debt is now profit able and all economies (even if one day they collapse) run in cycles.

[waverly2468]

College is an investment. All investments involve RISK. The risk is that you will ruin your life with student loan and credit card debt and get an education that's worth next to nothing.

[mastmedia]

A community is supposed to invest in their future. Education is an investment in the future of society.

Why in the hell are kids having to pay for their education in the first place?

Answer: economic stimulation.

[Rockynurse]

Yep and the funny thing is according to the AICPA education cannot be valued or put on a balance sheet so it is not an asset. It is merely an expense not an asset!

[blueninja1213]

It's personal responsibility, bottomline. The system was created to enslave people with debt. I go to school fulltime and work fulltime and its hell, but I owe nothing and have no debt becuase I pay right away. The credit card companies hate me ;D

[lexelence]

Try this program that costs $10 per month to participate as seen on YouTube "STUDENT DEBT KILLER"