Credit Cards

Colleges need to get the credit card companies out of the campuses, as well as stopping the colleges from taking money from the companies because they can solicit their product on the college campuses just for a fee. Colleges should be held accountable for some of the debt issues because they are the ones allowing this behavior. Colleges need to ban or have it made illegal to solicit on campuses to students. Credit Card companies should not be on college campuses marketing to the students, taking advantage of the situation. Students are easy targets for marketers to solicit their product to, which can harm the student??™s future. College should be the student??™s priority and that is what the colleges should want for their students. Young college students are money makers for the credit card companies, and these companies know that there may be help for majority of the students to pay off their debt. They offer special promotions just in hopes they can sign up a student. Students have been the targets on the campuses and we need to protect them from being a victim of this vicious cycle of debt and protect them from what may be a harsh future.
Every year there are thousands of students that are being handed several credit card options. This is not a good thing for a student that is struggling, but this is the type of student these companies want because they have a long credit life. This allows credit card companies make a lot of money in interest alone. What happens is a student lives off a fixed income and a small portion of that has to go on a payment. So what do college students do they make the payment at the minimum amount which shows they will be paying more on interest than principle; which causes the student??™s to be in debt longer. The average student leaves college with at least $5,000 in debt from a credit card; this is not including the debt they already have in loans for school.
Credit Card companies have been marketing on college campuses for many years praying on young college student??™s wallets. The way they market to these students are through things they may need to survive or just need to have to stay warm or clothed. Some of the things they have used in the past to solicit their products to the students are pizza, gift certificates for food & stores, and clothing. These are only a few of the things they have done for the students; and in return they want a filled out application from the students. This is just taking advantage of some of the students alone.
Many college students do not really understand the terms of credit card companies. On average a college students are solicited a credit card twenty-five times to fifty times a year alone. Once they get a student, and as soon as they make a mistake the fees just start to pile on the card. This can lead into a bigger issue down the road and putting them into further debt. In 2009 college students should have generated over $20 billion in penalty fees alone. This shows us that the card companies benefit from students across the country.
How can the colleges help They can help the students first, by banning all credit card companies from all college campuses. This leaves less temptation to the college students across the country, and allows students to concentrate on school while on campus. Second, all students should be required to take a class on loans and credit cards so they get the best knowledge possible so they eliminate the possibility of getting further into debt and also learn how to manage it. Managing debt is a great skill all students should try to learn while in school. Colleges should make a class mandatory for all students because every student can benefit from it one way or another especially an undergraduate fresh out of high school.
How has the country help resolving some of the major issues of credit cards On the twenty-second day of May of two-thousand and nine Obama signed, The Credit Card Accountability Responsibility and Disclosure Act of 2009. The act does prohibit unfair rates for students and young people. In the past you could be eighteen years old to receive a credit card without a co-signer, but recently the age limit has increased to twenty-one years of age without a co-signer. Now a co-signer is a must to an individual that is under the age of twenty-one that wants to have the responsibility that comes with the card.
Student??™s already sacrifice their financial futures with loans just to put themselves through school, and here are credit card companies that want to take advantage of young students just to make money. Students should not have to deal with the peer pressures of credit card companies that are soliciting their products on campuses not just once but many times during the year. This tactic will win many students over, and in the long put them further in debt. Colleges and the country should really focus on educating the students about finances and there degree. The thing that will help limit the issue of credit card companies on campuses all around would be, ban the companies off all college campuses across the United States. The first priority a college should have to the students is to make sure they are getting a proper education at a reasonable cost; a cost that do not include unnecessary debt for the students. All colleges should just pull that welcome matt out from under their feet and tell them to take their product elsewhere. If the United States bans the card companies from colleges altogether they would be doing many favors for many students to come, and just maybe not so many students would be in debt so bad when leaving college.

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