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Author: ChicagoBob Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308685  
Subject: Re: Credit card offers to college students Date: 5/15/1998 8:08 AM
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Ack!

I don't think anyone is advocating the death of personal responsibility, and, I would much rather see a college student learn a lesson with a $500 limit than with a $5000 limit (which raises another question, if the screw up with a $500 limit and mommy or daddy bail them out at graduation, have they really learned anything??).

But, as far as responsible business practices go, giving college students, en masse, credit cards is the equivalent of fishing with dynamite. There is a great potential to hook up long term customers. There is also the possibility that as soon as those credit limits are raised, a year to two later, some of those youngsters will be filing for bankruptcy (and we certainly do not want to rehash this discussion :-).

It is wonderful, that you have things under control. However, I doubt that most college students do (my w.a.g. is that about half are o.k. and half haven't learned their lesson yet).

I am not opposed to college students with credit cards, but right now students don't learn enough about personal finance in school (with the obvious exception of F00LnrMoney's kids :-).

I don't think that they should be offered a CC just for going to school . . . here are your books, your student ID, and your CC.

Well this turned into a bit of a rant, but its just my 2 cents.


Fool On!
-ChicagoBob
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