I too am a victim of getting a credit card and being in some serious debt. Luckily, I have my mommy helping me out, but I'm still in debt. People will say that the person is to blame, but unfortunately for some people, credit cards are the only way they can pay for their college expenses. At my school we have a fundraiser that raises money for cancer, well how about a credit card company that basically lives on my campus decided that they would donate money to the cause every time a student opened a new account. The tactics that they use to get revenue is ridiculous.
My sophomore year I worked as a telemarketer at the company in which I had an account with. I worked there for a month and had to quit because of their practices. They thrive on student accounts. That's how they make their biggest and EASIEST sales. They get the students list from the school because they make a contract with the school in which they will make a "school credit card" and sell it to the students. When the students make purchases, the school gets a portion of the sales. I learned from working there that the companies make their money off of the outstanding debt. They had a board which contained the total of the company's outstanding debt from its customers and they would give prizes to it's employees if it reach a certain mark by the end of each quarter.
College students leave college with huge amounts of debt. It's hard for them to get a car, an apt, etc. Nowadays, companies are even looking in people's credit file and will turn them down for employment because of bad credit. With all this debt and the problems that follow, they can't begin their next phase of life.
After evaluating the whole situation, I believe that it should be a law restricting when a minor should get a credit card. The age limit should be 21. I don't understand how the government can say, one cannot drink until you are 21, but at 18 you are an adult and are responsible enough to handle "free money". The government is quick to limit how much financial aid you receive and has a fit when someone cannot repay the loans on time. If they thought about things better, they would know that it would be easier to pay off the loans if college grads didn't have to pay off their credit debt first.
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