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Credit Cards and College Students

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Submitted By SanFran49ers
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Credit Card Company Solicitations of College Students
Rapheal L Smith
COM/172 Version 1
April 20, 2011
Dr. Paul A. Jessen
Abstract
Credit card companies are in business to make money. It is obvious these companies are not helpful to today’s consumers whether young or old, because consumers are now accumulating debt as early as high school and college. Why not target the young consumers? This is a time when most young people put every dime they have toward their education, which leaves them feeling broke. Some credit card companies even go as far as visiting the colleges, lined up in the student union centers, ready to pounce on the inexperienced; often times offering students free hats, t-shirts, inexpensive MP3 players and other freebies if they sign up for a credit card. The young, unsuspecting college student thinks, "Hey, I can charge up to $1000 and have a monthly payment of only $10!" Due to the inexperienced thought process of the student, he or she has no idea that paying the minimum amount means higher interest. They are oblivious to the fine print indicating the high interest rates, finance charges and late fees that are waiting to swallow their good credit once they are unable to maintain the monthly payments. They don't know that not paying at all means that they will have no credit-worthiness. No credit- worthiness means that they will eventually have bad credit and little to no chance of opening a new line of credit, financing a vehicle or becoming a “hassle free” homeowner in the…...

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