Credit Cards

travman23 · 10-31-2007, 12:06 PM

Read an article today about marketing credit cards to students: DesMoinesRegister.com Got me thinking just how many fall into the CC trap. This is an anonymous poll, select all that apply.

travman23 · 10-31-2007, 12:10 PM

Damn, I didn't click the right box to allow multiple votes. How do I change that?

jtdoyle1 · 10-31-2007, 12:11 PM

I sick of the government having to make laws to "protect" idiots who can't control what they eat, how they spend their money, etc, etc.

Come on america wake up and take care of yourself and take some responsibily and stop blaming everyone else for your problems.

/Rant over

bostinelosd · 10-31-2007, 12:12 PM

I would agree with that. Its personal responsibility.

DaddyMac · 10-31-2007, 12:20 PM

I put down "I pay mine off", but I do carry a balance much of the time on cards with 0%. If it were generating interest, I'd do something else with that debt. But this is the cheapest thing going.

I'm for limiting the ability of creditors to grant credit to younger people. I mean, granting 10K to a college student with no income is nothing short of negligent and predatory.

bostinelosd · 10-31-2007, 12:22 PM

Originally Posted by DaddyMac

I put down "I pay mine off", but I do carry a balance much of the time on cards with 0%. If it were generating interest, I'd do something else with that debt. But this is the cheapest thing going.

I'm for limiting the ability of creditors to grant credit to younger people. I mean, granting 10K to a college student with no income is nothing short of negligent and predatory.

I guess I can see that as well. When I started college I got a MBNA ISU card and it had a 2k limit on it which seemed nice. But 10k is too much for someone who doesnt have a job or has one at minimun wage.

travman23 · 10-31-2007, 12:25 PM

I'm not sure how to change it to allow multiple selection but the was my intention when I created it. If one of the mods are able to change that feel free to do so please!

I pay mine off every month. My thinking is if you can't pay your CC bill off every month you probably can't afford everything you are using it for. I'm all for regulating CC companies from prying on college students. Yes there is personal responsibility too but why even offer the temptation of a rediculous credit limit when you know they can't afford it?

guitarchitect7 · 10-31-2007, 12:35 PM

Originally Posted by travman23

Damn, I didn't click the right box to allow multiple votes. How do I change that?

Sorry no way to change it after it has been created. This is one of the few options that are "stuck" once decided.

DaddyMac · 10-31-2007, 12:48 PM

Originally Posted by travman23

I'm not sure how to change it to allow multiple selection but the was my intention when I created it. If one of the mods are able to change that feel free to do so please!

I pay mine off every month. My thinking is if you can't pay your CC bill off every month you probably can't afford everything you are using it for. I'm all for regulating CC companies from prying on college students. Yes there is personal responsibility too but why even offer the temptation of a rediculous credit limit when you know they can't afford it?

I work (in IT) in the mortgage industry. There's a ton of talk due to the current crisis with revamping the credit models. Not sure what that means exactly, if that'll carry over to credit cards or not, or if anything will happen at all. But it's likely that there will be additional laws put into place that won't allow such loans to unqualified borrowers in the future.

I think when I was in school I got a Discover with something like 2 or 3K. In '89 that was alot of money and no way, no how, did I have the income to cover all that had I used it - not sure I had an income at all. And it would've been particularly difficult when they would've been charging 19%+.

Again, I'm all for the personal responsiblity thing, and adamant the gov't shouldn't spend a nickel to bail anybody out. But fact is there's plenty of people who aren't that fiscally bright, plenty of college kids who think they can just ride a balance a while then the payday comes after they graduate (ha!), and in the case of mortgages - plenty of forked tongued brokers who don't quite tell it the way it is/will be. So a certain amount of protections and regulations are warranted.

Ficklone02 · 10-31-2007, 12:54 PM

My main thing is, I think we should be more proactive in schools to offer a course p/f that everyone can take to help educate people on personal finance. I'm in the finance/accounting world, so I'm lucky to have background, but some people aren't so lucky. I think it would be beneficial.....come to think of it, since our gov't has such a huge debt, maybe somebody should teach them a course on budget management.

DaddyMac · 10-31-2007, 01:01 PM

Originally Posted by Ficklone02

My main thing is, I think we should be more proactive in schools to offer a course p/f that everyone can take to help educate people on personal finance. I'm in the finance/accounting world, so I'm lucky to have background, but some people aren't so lucky. I think it would be beneficial.....come to think of it, since our gov't has such a huge debt, maybe somebody should teach them a course on budget management.

Agreed. It practically should be a mandatory class by the school for graduation and even mandated by districts, states or even the US Dept of Ed. While they're at it, they probably should combine in some planning lessons for major purchases (auto, home) and even retirement.

Seriously, is anything else more important?

Like you, I'm lucky. I had a little help from my parents in this regard and additionally I DISPISE being in debt.

The_Architect · 10-31-2007, 01:04 PM

I inherited a crapload of CC debt from my wife being an IDIOT while she was in college. It's a basically all in my name and consolidated at MUCH lower rates and we are on a very aggressive plan to pay them off. Still ticks me off that I have to live much below my means just because she felt the need to always have nice clothes during college.

travman23 · 10-31-2007, 01:17 PM

Originally Posted by The_Architect

I inherited a crapload of CC debt from my wife being an IDIOT while she was in college. It's a basically all in my name and consolidated at MUCH lower rates and we are on a very aggressive plan to pay them off. Still ticks me off that I have to live much below my means just because she felt the need to always have nice clothes during college.

I know of people in the same situation that they made a handshake agreement that they would not use the other's assets to pay off the CC debt and that the one that brought the debt into the relationship would be responsible for paying it off through wages or their own savings or whatever.

I hate being in debt too but fortunately I saved wisely for college, had parents that covered a portion of it too, and had good paying jobs and internships while in school that I didn't have to take out a student loan but I wasn't living luxurious doing that either! That helped a TON! Now I have a mortgage and car loan which I have no choice but to do obviously but I fortunately locked in at some nice rates except for my variable 2nd mortgage that I really need to refinance to a better fixed rate.

It all boils down to personal responsibility and unfortunately some people were not taught that very well and learned the hard way.

benjay · 10-31-2007, 01:21 PM

Originally Posted by DaddyMac

plenty of college kids who think they can just ride a balance a while then the payday comes after they graduate (ha!)

this was me

I paid it off within a year of graduating, but many people don't assign the level of priority I did to paying down their cc balances. Still, I don't see it as a problem that needs government regulation.

I would much rather see more grants and low interest student loans being made available than regulatory laws about marketing credit cards to students..

wgleason · 10-31-2007, 01:21 PM

I wouldn't be suprised to see this be one the next huge class action suit similiar to tabacco.