AFFIL in the News: Students and Credit Card Debt
Even with the Credit CARD Act in effect, students are still cautioned against getting credit cards. A recent article in Oklahoma City Community College’s Pioneer talks about the reasons why students should still be wary of credit cards. This article features a number of individuals and their credit card horror stories. Janne O’Donnell, a board member of AFFIL with her own horror story, cites her son’s credit card debt troubles and subsequent suicide as an example of why students should think hard about whether or not they want to get a credit card.
There is a key point to be learned from Ms. O’Donnell’s tragedy and similar stories: college students are easy marks for credit card companies. Although the passage of the Credit CARD Act and the soon-to-be-established Consumer Financial Protection Bureau are steps in the right direction toward changing this, there is still more work to be done. In any case, it is in the best interest of students and other young individuals to arm themselves with knowledge by learning more about the options they have and understanding their financial capabilities.
(Photo: Josh Kenzer)