As a college student, during my freshman year I can recall a staggering amount of
Pre-Approved letters for credit card companies offering the most desirable rewards; MTV Spring Break promotions, Special Airlines offers, and discounts on shopping which is a hobby many college freshman girls enjoy doing.
My parents warned me that a credit card was not important at the time, but since I didn't have a job I needed extraneous funds at my dispense, and so replying to one of the many pre-approved letters I received was at the TOP of my list when Spring Break seem to be approaching. Swiping seemed so gratifying until I MAXED my credit card out! I was $3,500 in the hole without a JOB! My parents soon found out because my mother is a Loan Officer for a lending company.
Today, I am still paying that balance off, so it was to my surprise that the 2009 New Credit Card Reform Laws signed by Barack Obama restricted credit card advertising among enrolling college students without the knowledge of their parents. Even though I'm paying for my carelessness with my credit, Creditors should not expend on candid college freshman for extensive profits!
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I am in complete agreement with you regarding those credit card people harassers. However, I was able to know be taken advantage of because I learned from others mistake especially those of my family regarding what bad credit can do and hurt your future life plans. These people are smart and know how to get their numbers and by targeting college kids they can easily persuade them with simple free things that they can afford to get themselves anyway. Howevver, I am confused with the part regarding the New Credit Card Reform Laws signed President Obama, you said you were surprised so what exactly did you feel about it. Are you for or against it?
ReplyDelete-roomie4lyfe-
I agree as well, however from what I’ve heard not just first year college students but anyone under the age of 21 will not be able to receive a credit card without probable cause. I personally got my first and only credit card with the company Capital One. I have not had problems with paying either the minimum balance or the full amount and I'm considered to many that know me as carefree. However I see the credit card problem happening too many of my fellow school mate and totally agree that some restrictions such be put into action.
ReplyDeleteI am surprised yet very much estatic about the new guidelines by our New President. It gives students an opportunity to become responsible, and cautious of their monies. They wil be able to find more pratical ways to utilize their money by opening a CD aacount, or even another Savings account(if they do not have one setup already).
ReplyDeleteTo conclude my disposition on the New Law, I am definitely for it. Let us all embrace this credit card restrictions policy, and build a better future for generations to come!