Wednesday, May 23, 2007

Credit Card Blunder

When I was in college, I was introduced to Credit Cards. The credit card vendors lined the halls and set-up tables outside the library. Knowing what I know now, they were waiting for their prey. They were like hungry animals ready to feast on the innocent. I know this from personal experience. I was living on a limited budget, and there were things I wanted. What better way to solve that than with a credit card - wooo hooo! Was what my 20 year old mind thought.

Mind you, I came from a home where I got everything I ever needed and wanted, as soon as I needed it. There was no waiting until we could afford it - I was lucky, in some regards, that my parents were financially able to do that for me. I was unlucky, however, to not learn the value of money as a child. As a result of all of this, and no blame is being placed on my parents here, I got credit cards and bought what I wanted when I wanted - because that's what I was used to. The lesson was soon learned - yikes!!! The bills got pretty high, or relatively high for the money I was making. I soon couldn't afford to pay rent, buy groceries, school supplies and pay my credit card bills. With my tail between my legs, I had to tell my parents what happened.

I put the blame for this on credit card companies and college campuses. The college campuses should not allow them on their sites nor should these companies be allowed to prey on children (I say children, because I was a matter the age).

There are some fascinating articles about this subject out there: Credit Card Dept on College Campuses and
Credit Cards on Campus get Bad Marks by Some. Some agree with me and some do not. In the end, I don't think anyone can change my opinion. I've been there and it's not pretty.

This is a sponsored post.


Jenny said...

I was in almost the same situation. I grew up the same way, but my parents got me a credit card when I was 16 ($300 limit), and I had to pay the bills. But I still went a little nutty when I got my first "well-paying" job and a higher credit limit. Oh yeah, lesson learned.

College campuses definitely shouldn't encourage the credit card companies. But then again, that's probably how a lot of students pay for books, meals, etc. on campus, so if the colleges make money as a result of the credit cards, I guess it just makes sense. It's all about $$.

Tracy said...

Credit cards... Yeah, they can be a real trap for young folks! Personally, I've always paid mine off every month. BUT...I realize I do spend more when I used it, then if I had used a cash or check!