When I was a college student, every classroom was plastered with credit card offers. Now I hear that a lot of high schools are filled with credit card ads. I’m sorry, but 95% of young adults have no financial savvy and little common sense. They see their friend’s new iPod, want to impress their date with a nice dinner, see that rich jerk’s nice clothes and they charge away. “But so what,” the college freshman thinks, “I’ll be rich when I graduate! I’ll pay off all these student loans too.” Yeah right. He doesn’t even know how to balance a checkbook.
Is it this guy’s fault for being in debt? Sure, we’re all responsible for our actions. It’s also his fault for not reading the fine print, not understanding that he won’t be “rich” upon graduation, and not spending his Friday nights poring over Byzantine financial disclaimers in five-point type. But he’s a dumb kid, the card companies know it and prey on him accordingly. They want him in debt slavery to them for the rest of his life.
As I mentioned before, these companies are changing the rules in the middle of the game. Just like the Dems try to do every election. That is wrong and I’m disgusted that the party to which I gave money is doing the dirty work.
I agree with you. But it's kind of hypocritical for someone to claim that he wasn't competent enough to make financial decisions for himself, yet considers himself perfectly capable of obtaining a driver's license, applying to college, securing financial aid, etc.
Now I hear that a lot of high schools are filled with credit card ads.
Most high school students aren't old enough to sign binding contracts anyway, so these offers probably include some kind of requirement for an adult to co-sign the application. Anyone who co-signs a loan for a teenager is asking for trouble.