Who doesn't want to live the good life? Seeing others with nice possessions is not always easy. However, some get caught up in the life style of the rich and famous and quickly find out that life at the bottom is no picnic. Credit cards are a convenience for college students everywhere; however, keep in mind credit cards need to be paid off and it is not free money!
"I only have one credit card and use it in case of emergency," said junior Rachel Weyman. "I sat down and discussed this topic with my parents thoroughly before getting one. It is comforting to have something just in case you are in a bind and may need it."
According to The Pittsburgh Tribune-Review, Robert Manning, professor of humanities at Rochester Institute of Technology said, "You have the doctor's daughter and the bus driver's daughter rooming together and having a good time. Nobody wants to be left out, but when it comes time to pay the bills; one father can afford to pay a $10,000 credit card bill and one can't," he said. "People who would never have been given a dime in credit ten years ago can now have thousands of dollars," said the author of Credit Card Nation.
It is all too common that young adults are lured to engage in discounts or free giveaways, when in all reality, it is a way of getting students to come out, sign up for a credit card and then receive what is advertised. According to creditcard.com: "Be leery of on-campus or near-campus solicitations by credit card issuers and their representatives. There is no such thing as a free lunch, and in return for that "free" slice of pizza or sandwich, you might find yourself applying for a credit card you do not need and is not right for you."
The Pittsburgh Tribune-Review also states, nationally, four out of five college students have a credit card, and the average balance is $2,327, stated a recent study by the Nellie Mae foundation, one of the largest student loan associations.
According to freshman, Joel Ashton, "I only use my credit cards for things school-related, like purchasing my books each quarter. I had my mom place a $400 credit limit on my card."
A credit card is meant for an individual with an income that is capable of making the payment each month. Immaturity and lack of knowledge are just a few of the reasons that lead many young adults down that dark and unpleasant road.
The state of Georgia's Governor's Office of Consumer Affairs said, "Do you realize that, if you had a credit card balance of $7,000 and an interest rate of 18.9 percent, made no further charges to that account and paid the minimum balance every month, it would take you over 16 years to pay it off? Learning how to borrow responsibly and build a positive credit history could help you later in getting a job, buying a car, renting an apartment or buying a house."
"I do not have a credit card," said Senior Tim Wise. "I know it is good to begin establishing credit, however I feel students should only get them if they really need one… most students get them for all the wrong reasons. I am not educated about the topic, so why would I get something that I know nothing about?"
Nowadays credit card services and counseling are offered to college students, as well as topics such as the effects of debt and bankruptcy. "I was in debt by age 20," said OSU graduate Kim Breen. "I did not need a credit card, but kind of got it to fit in and keep up with others around me. Luckily, I [sought] help and got educated and overcame it. I was lucky."
Like most things in life, it usually is not in an individual's best interest to buy or partake in something you know little or nothing about. A lot of it boils down to common sense; however college can throw numerous things at young adults, many being foreign topics. Do not hesitate to ask for help, do your homework or use a service; because in the end it is your life and your future, no one else's. So let your hard studying pay off and don’t let your poor decisions cost you opportunities in the future.
"I only have one credit card and use it in case of emergency," said junior Rachel Weyman. "I sat down and discussed this topic with my parents thoroughly before getting one. It is comforting to have something just in case you are in a bind and may need it."
According to The Pittsburgh Tribune-Review, Robert Manning, professor of humanities at Rochester Institute of Technology said, "You have the doctor's daughter and the bus driver's daughter rooming together and having a good time. Nobody wants to be left out, but when it comes time to pay the bills; one father can afford to pay a $10,000 credit card bill and one can't," he said. "People who would never have been given a dime in credit ten years ago can now have thousands of dollars," said the author of Credit Card Nation.
It is all too common that young adults are lured to engage in discounts or free giveaways, when in all reality, it is a way of getting students to come out, sign up for a credit card and then receive what is advertised. According to creditcard.com: "Be leery of on-campus or near-campus solicitations by credit card issuers and their representatives. There is no such thing as a free lunch, and in return for that "free" slice of pizza or sandwich, you might find yourself applying for a credit card you do not need and is not right for you."
The Pittsburgh Tribune-Review also states, nationally, four out of five college students have a credit card, and the average balance is $2,327, stated a recent study by the Nellie Mae foundation, one of the largest student loan associations.
According to freshman, Joel Ashton, "I only use my credit cards for things school-related, like purchasing my books each quarter. I had my mom place a $400 credit limit on my card."
A credit card is meant for an individual with an income that is capable of making the payment each month. Immaturity and lack of knowledge are just a few of the reasons that lead many young adults down that dark and unpleasant road.
The state of Georgia's Governor's Office of Consumer Affairs said, "Do you realize that, if you had a credit card balance of $7,000 and an interest rate of 18.9 percent, made no further charges to that account and paid the minimum balance every month, it would take you over 16 years to pay it off? Learning how to borrow responsibly and build a positive credit history could help you later in getting a job, buying a car, renting an apartment or buying a house."
"I do not have a credit card," said Senior Tim Wise. "I know it is good to begin establishing credit, however I feel students should only get them if they really need one… most students get them for all the wrong reasons. I am not educated about the topic, so why would I get something that I know nothing about?"
Nowadays credit card services and counseling are offered to college students, as well as topics such as the effects of debt and bankruptcy. "I was in debt by age 20," said OSU graduate Kim Breen. "I did not need a credit card, but kind of got it to fit in and keep up with others around me. Luckily, I [sought] help and got educated and overcame it. I was lucky."
Like most things in life, it usually is not in an individual's best interest to buy or partake in something you know little or nothing about. A lot of it boils down to common sense; however college can throw numerous things at young adults, many being foreign topics. Do not hesitate to ask for help, do your homework or use a service; because in the end it is your life and your future, no one else's. So let your hard studying pay off and don’t let your poor decisions cost you opportunities in the future.
