There is a major debt problem that is plaguing the people of America. And the creditors are now striking at the young people to get them used to spinning their wheels on the credit treadmill at a awful young age. The major credit card banks post up regularly right outside of college campuses offering young unemployed students credit cards pre-approved with $5,000 lines of credit. All with the intent of getting students up to their necks in debt so once they graduate they will be stuck paying high interest credit card bills for the next 30 years.
This causes many problems for students. One especially aggravating problem is that kids need to take time away from studying to work more hours to pay off high interest credit card debt. Some situations force kids to drop out all together to get full time jobs to pay off their debts.
For anyone who has seen the rather scary documentary ‘Maxed Out’ you can see first hand how bad a debt problem in college can affect students. There were two college students whose heartbroken parents were interviewed, both of whom killed themselves over their overwhelming debts that they owed. The persistence from lowlife collectors didn’t at all help out either. Plus many more kids fall into deep depression because of the they find themselves cornered into.
These creditors even go to the extent of employing other college students to solicit their credit cards within the dormitories. Some students will earn up to $10 for every student who applies to get a credit card. These are only the tactics that I have heard about, although I am almost sure there are more that they use.
One way to fight this crisis would be to teach students in high school before going off to college about the associated risks that come with having credit cards. There should be a mandatory course put into the curriculum of high school seniors educating them on what the consequences could be if they misuse credit. The course should also teach students how to correctly budget their money to avoid any unnecessary debt problems in college.
Debt settlement is a very attractive method of credit card debt relief for the students that have found themselves in a very bad debt situation that they can no longer manage to keep up payments on. It will help students save money and become released from the horrors of debt within a few years, so when they graduate they will not be carrying a large debt load over their heads
Steve Martin is a credit card debt analyst with the US Consumer Advocate, which practices in debt settlement.
- Steve Martin
This entry was posted on Wednesday, October 28th, 2009 at 5:10 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
