Thursday, March 22, 2007
Responsibility is hard!
Oh, no, someone protect the fragile students from the rigors of meeting obligations!
Ever get a free pizza or T-shirt to sign up for a high-interest credit card, and that "free" gift ended up costing you thousands of dollars? Nope, never happened. Though I hear some students spend more money than they have, which ends up costing them thousands of dollars. I dunno if it makes sense to relate that directly to the free gift.
AB 262 would prohibit credit card companies from offering gifts to students who fill out credit card applications. Wooo! Thanks, legislature! It's about time someone stood up to protect us from our own idiocy, and cost us free stuff in the process.
Student credit card debt increases significantly over college years; on average, seniors owe nearly double the amount owed by freshmen in credit card debt. That's... not surprising. In fact, that seems pretty low. You'd think four years of independent living would lead to more debt than however many years under folks' parents' authority in high school. Apparently not.
As financially strapped students we often talk about the burdens of student loan debt. But we know lots of students who will graduate with even more credit card debt than student loans. We call those people deadbeats.
Yeah, I'm not very impressed by the plight of folks who enter voluntary agreements to spend more money than they have.
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