Credit Card Companies Should Not Be on Campus Marketing to College Students Essay

Credit card companies do not belong on college campuses. What young college student does not need or want a little extra money for the weekends? If you told a college student that they could make 5000. 00 dollars extra cash in just a couple of hours, what would discourage them from applying for the card. College students are talked into meeting on their college campus with credit agents from Citibank and other various banks and credit lenders, who end up selling or approving thirty cards to fellow students.

This might all sound perfectly innocent, but there is a very real incident that happened to a San Diego State University student named Ryan Bozelle two years ago. He was one of those thirty students that signed up for credit cards, no one knows how many of those students are now managing the cards they received or the resultant debt that comes along with it. Ryan has done over 13,000 dollars’ worth of damage to his credit. He is and will continue having a difficult time paying off the debt.

I am sure that he is not the only college student that is in this this situation. Students across the country are filling out applications for credit cards on their college campuses, and after the damage is done to their credit, who is there to help them get out of debt? This is exactly what credit cards are doing, and what credit debt means. Students are not being told of the dangers of credit cards and the consequences of having them. Consequently, young adults are being caught in the unawares and thrown head first into the credit trap.

Credit cards are damaging to uninitiated students and should not be pedaled anywhere on college campuses. High card payments and interest rates are some of the first things an unsuspecting student has to contend with. With the uninitiated spending that comes from reckless abandon that gives the average college student the ability to go out to the bars/clubs, buy clothes and the accessibility to buy or get whatever they want, is constantly driving up the college student’s monthly payment.

When this payment cannot be met, damage to their credit results in poor credit scores. This in return raises the cards monthly payments to levels that make it difficult to pay. Most college students are not even working and have no understanding of debt and all the intricacies associated with it, a student may take out a loan to pay off their credit cards. Then this accumulates more debt for them. What the ollege student does not realize is that all this does is transfer debt from the credit card to the bank; it does not eliminate the debt. Lack of knowledge is a student’s worst enemy when dealing with credit. We need to educate the young adults in our society on the dangers of credit. They need to be aware of the annual percentage rate, late charges, monthly payments, and other hid cost that are accumulated through credit.