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September 12, 2006
Desire for independence creates massive debt
I was just watching some of my favorite online newswire services and stumbled across a very interesting, yet very important message about students over-zealous desire for credit.
The story can be viewed at http://www.da.wvu.edu/XMLParser/printstory.phtml?id=23635
It pleases me to see Darin Kordyak's attitude towards student credit. Darin writes from the point of view of a responsible student who has recognized that obtaining a credit card at a young age will lead a student down the road to excess financial burdens at far too early an age.
Darin discusses where student credit cards are usually found - Behind a bar to pay an increasing drink tab. I do admire his take on students swarming to the booths that are set-up at every college early on in the school year.
I personally can speak from experience and tell you that what Darin writes is very true. Students will, in most cases, abuse their credit cards. Using the usual excuses of "I need credit for emergencies" - NO YOU DON'T, call your parents, call a friend or a relative or consider contacting the bank for a personal loan (at a much lower interest rate).
Better yet, get a prepaid Visa or MasterCard and use that for emergencies. Hmmm, wouldn't that be a good idea. If you were truly concerned about having cash for emergencies a prepaid emergency fund would serve to be of great value.
Now head off and read Darin's post, what he says is some incredibly sound advice that everybody should read, not just students!
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