Saturday, July 18, 2009

Students, Credit Cards and Financial Independence... Can they get along together? (4)

Thinking about the financial impact that credit cards have already had on college students, we couldn't stop wondering about why not only banks have been liberal enough to offer those cards but to get astonished as to how deep the lack of debt literacy is among college students and... their parents (If this thing happen in the name of "Financial Independence", I can't stop thinking that something is wrong).

If teenagers and college students are being educated to become smart professionals, Why are they dumb about money (and therefore about credit cards) instead of helping them to become aware about money and credit?

Let's consider these videos about the subject...

Have a comment? Feel free to share with us!
Financial Culture / Cultura Financiera ©


Student Credit Cards said...

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Mario P. Lopez said...

Be advised that the link you've sent does not work.

Even though I approved your post, I request you to correct its content because it can imply spam which is a subject that is not allowed on this blog, therefore, I invite you to offer a broader explanation about how college students can pay a closer attention to credit cards rather than simply offering another a new one, otherwise, I'll be forced to delete your post.

Thank you for your understanding and support.


Anonymous said...

This is my thought-- Credit cards should generally be avoided until the individual has some experience managing money. While credit card companies love to prey on college students, there's no reason college students should agree to be prey.

Mario P. Lopez said...

Thank you for a very concrete thought on credit cards.

I've learned about some equally concrete discussions as to make teenagers and college students approve courses on the subject BEFOFE being given credit cards.

Some people have on the other hand argued that their "financial independence" (this is NOT a true financial independence) can be in "jeopardy" because of these regulations.

Better having real solutions than a continuous flow of bankruptcies.

I think that banks won't "lose" money if this effort is in effect; on the contrary, they'll have better and more informed clients.

Your idea makes real sense.

Thank you very much for letting us know.