Free money for broke people
I have a bone to pick with the credit card industry and I figured where better to pick it than here.
It absolutely appalls me the way credit card companies target young people.
From the day I turned 18 the offers started pouring in. Starting college was even worse.
This specific targeting of college students is just simply wrong. These leaches try to latch on to the part of the population trying to better themselves and once they have you they are there forever.
I used some very poor judgment during college in regards to credit cards and other things of the like and I'm certainly paying for it now.
What I've done is my own fault and that's fine, but I thought this would be a good place to warn others.
These credit cards and student loans DO have to be paid back and they WILL follow you for the rest of your life.
There's nothing like getting calls at 7 a.m. on Sunday from collection agencies, being afraid to answer the phone and not even being able to buy a car.
What I personally would like to see is a minimum age limit on credit cards of 25 years old. I hate seeing (and being) people who have their entire lives dictated by stupidity during high school and college.
People do need to take responsibility for their actions, don't misunderstand me. I would just like to see credit card companies and collection agencies governed tighter.
Spending 15 years making the minimum $15 payment on a $500 credit card doesn't sound like much, but when it becomes 7 cards and they triple your limits, in a big hurry it can cost more than many home mortgages and still not make any progress towards paying the debt off.
What do you think? Have any of you had nightmare experiences with some of these companies?
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I'm on a major push right now to get rid of some of those old debts and finally making some genuine progress. Good luck to the rest of you dealing with these same problems. Maybe we need a support group?
Regardless I think something needs to be changed at the legislative level in this aspect. At 18 I wasn't half as smart as I wanted to think I was and had no foresight. The idea that this credit card debt would follow me wasn't even a thought.