No. of Recommendations: 0
There has been a lot of villification of credit card companies for offering credit cards to college students. I agree that offering a college student with no income a $5000 limit is probably not a good idea. However, no one is forcing college students to take these credit card companies up on these offers. These college students are legal adults, who are fully capable of making decisions concerning the extension of credit. My first credit card in college, which I got through USAA (great company, you will never see an offer of pre-approved credit from them in the mail), had a limit of $500. Using that credit card then, when I was making next to nothing taught me how to use credit wisely. I did not get a credit limit raise until I graduated 2 years ago.
Now, I am not asking for sainthood. It's just that the discussion here seems to place the blame squarely on the shoulders of the credit card companies. Whatever happened to personal responsibility in this country. Growing up in NYC, drugs were readily accessible, and I saw drug dealers all the time. Do you mean to tell me that had I taken the dealers up on their offer of marijuana or cocaine that I would not have been at fault? It would have been the dealers fault for offering it to me? I realize that drug dealing is a little more egregious than offering credit, but I am trying to make a point.
While the extension of credit to college students may be a risky venture on the part of credit card issuers, that does not give people the right to overextend themselves, and then blame the credit card issuers for "making" them do it. People make decisions every day that will affect them in the future. The use of a credit card is one of those decisions. If you can't handle using a credit card, then don't do it. If you do it anyway, then you have no one to blame but yourself.
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