It was not that long ago, I recall driving past the Our Lady of the Lake Campus and seeing a Capitol One RV parked outside the campus. It was a mobile financial vehicle laced with the advertising’s of Capitol one. Was this RV really a mobile financial education center, or was it really a marketing scheme aimed at students? In June, The House of Financial Services Committee on Financial Institutions and Consumer Credit held a hearing to address credit card practices affecting college students.
From CNN Money
“Experts say college campuses are still flooded with credit card flyers and brochures, as issuers attempt to lure valuable first-time cardholders.”
“Research has documented that students are targeted, indeed, bombarded by credit card company solicitations, in the mail, on the phone and while they are walking across campus,” Lindstrom said in her testimony.”
“Regardless of what changes come to the college credit card industry and its marketing practices, a small but increasing number of campuses, like the University of Maryland, College Park and the Rochester Institute of Technology have voted to restrict credit-card marketing to students. Despite the lack of legislation so far, the national media attention the issue has received in recent years - including some instances of kids who committed suicide to escape credit card debt - may finally be wearing down the industry.”
Going into debt while still in college is a bad idea. Chances are you will already have student loans, but that type of debt is good debt. If you do get a credit card in college, use it wisely, Don’t put yourself into a debt you can not handle.
Read the Full Article from CNN
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