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opinion:
our view
Beware
the perils of credit cards
It is not easy to walk down the main walkway of upper campus
and not be lambasted by credit card companies offering quick,
easy credit with the allure of free gifts and what many think
is free money.
But credit cards can be increasingly evil and the demons that
inhabit the vast corporate offices of creditors have grown
maniacal in their attempts to lure students.
Credit cards can be incredibly good things -- when used carefully
and sparingly. There is almost no better way to build a good
credit history and ensure a solid financial future. But when
students living on a tight budget get their little fingers
on a shiny new piece of plastic the results can be devastating.
We frequently hear horror stories of college students graduating
with not only enormous amounts of financial aid debt but with
one or even multiple credit cards maxed out with annual percentage
rates reaching as high as 15 percent.
Credit card debt can be a deep, dark hole that is increasingly
difficult to climb out of.
The most effective way to keep out of debt hell is to simply
not have credit cards. But since we know that students are
simply going to dismiss this plea then we offer up an alternative.
Be smart with your credit.
Bankruptcy should never be the answer to financial woes. We
have heard stories of young people racking up monstrous amounts
of debt with the intent of filing for bankruptcy.
Bankruptcy is no easy task in and of itself. Even if your
bankruptcy is approved -- and not all are -- you can still
have no form of credit for seven years. That means no house,
no car purchases, and even trouble renting an apartment.
Students with credit cards must be sure that they honestly
budget their money and avoid making extravagant purchases
that may begin to build up debt.
If your debt becomes a problem, see a financial consultant
like Debt Free America that can help to consolidate bills
and lower interest rates and monthly payments.
Whether students believe it, a bad credit history can haunt
you for a very long time.
We think that students should be weary and use the utmost
caution when it comes to credit cards. We also feel that Cal
State Long Beach should look into banning credit card companies
from recruiting clients on campus.
The future of this nation should not be forced into the real
world with more problems than they are already set to face.
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