What is Digg?80 Comments
- av4rice, on 10/12/2007, -1/+19Even a massive credit card debt absolutely pales in comparison to the magnitude of my student loans
- inactive, on 10/12/2007, -2/+19Says the liberal arts major
- drpunkerz, on 10/12/2007, -1/+16yeah, 40k for a piece of paper sucks.
- tobsterius, on 10/12/2007, -0/+14Just started my final semester of my undergrad and I've come to the conclusion that college is legal extortion.
- CorpT, on 10/12/2007, -1/+15"Why do you want a credit card? What's wrong with a debit card, and not paying interest to some bank?"
You do realize that you can pay off CC every month and pay 0 interest, right? And the cool thing is that they often offer some rewards program. That's like free money for spending money you were going to anyway. That's way better than a debit card. - inactive, on 10/12/2007, -0/+10Never bring a credit card to a strip club.....***** it you only live once and you never know when it ends.
- noodlez, on 10/12/2007, -0/+9advice from a debt-free recent grad:
- give your kids a CC before they get to college. put a reasonable limit on it, say $500, for emergency use only. it teaches responsibility and establishes a good credit history.
- if you need money as a student, take out a student loan. the rate is much better. you'll find it much easier to pay it off. - shertzerj, on 10/12/2007, -1/+10I was exactly like this, except I didn't start to become financially responsible until I was finished with college, unfortunately. Graduating with a good job definitely helps though, and my credit score IS getting better, so it's definitely not hopeless. I think the best advice is to only keep maybe one small credit card and that's it. I came out of college with three maxed cards and it was not fun.
- CorpT, on 10/12/2007, -5/+13"If you cant handle it, your an idiot."
It's just too bad you spent all that money for a college degree and still didn't learn English. - jasper976, on 10/12/2007, -0/+7Parents can simply add their children as authorized users but never provide them with a card. By the time they finish college they'll have a 800+ credit score. On another note, a friend of mine had her credit completely ruined by her mother, so you never know.
- ClassicJBC, on 10/12/2007, -1/+8It sounds counterintuitive, but if you think you might need a credit card to get through college, don't get one. Work harder, get another job, buy less, do whatever you have to do to avoid it. The fact is that for most people it will take a lot longer than 4 years of hard work and sacrifice to pay off 4 years of credit card debt. There will always be exceptions, but in general, try to avoid it. I, too, speak from experience. I have a normal life, but damn it's annoying having that extra debt burden.
- Pissoff, on 10/12/2007, -0/+7US Bank gave me a CC with a $4,000 limit when I started college.
I am still paying it off today ( 7 years later ).
Does not take long to rack up debt, then the late-fee + over-limit fee + interest explodes and you wind up with thousands and thousands of dollars owed and have nothing to show for it. FOR THE LOVE OF GOD, DONT BE STUPID LIKE ME! - 4degrees, on 10/12/2007, -0/+5I was seriously tempted to get credit in college.. but thankfully i stayed out of that trap. Im debt free, still poor, but debt free! (except my car)
But alas the "American way" is to try to buy ***** you cant afford and, for some reason, as much as it as possible. - mervgriffen, on 10/12/2007, -0/+5Discover gave me a card with a $7500 limit when I was 19. I ran it up in two years. Stupid.....yes. I'm now 25 and next month I'm making my last payment. At the time I thought that I'd pay it off as soon as I graduated, when I landed that "great job". Didn't graduate....didn't land that job. At 19 years old I had no concept of moderation, and certainly not only with credit cards.
- NetCaptive, on 02/18/2009, -0/+5I started college in 1992, got my first CC a few months later, the second a few months after that. It snow-balled until 2000 when i got married. That was the first year i start "caring" about my credit -- When i wanted to buy a house. I was laughed at by mortgage companies with my fico's in the low 500s. It's been a long 7 years, and i've got a few more to go before i'm cleared of all my stupidity.
Bottom line, credit cards are not blank checks for that new computer, new stereo, or the two week long pizza binge. Use them wisely and more importantly, sparingly! - drpunkerz, on 10/12/2007, -1/+6Im out of college now, and I only wish I could get a credit card... I've never had one.
- zombiedepot, on 10/12/2007, -0/+4Now you're catching on.
- trubbleshute, on 10/12/2007, -0/+4When I applied for my first credit card so many years ago my parents sat me down and explained the whole thing to me, and the "minimum payment" mentality. My "crazy" aunt (we all have one) said that credit card companies were in bed with the government to keep the average Joe down and out, that it was legalized extortion for the poor.
A friend of mine graduated with roughly $8,000 worth of credit card debt, and $30,000 worth of student loans. The reason was that he didn't want to work because his grades would suffer. I worked during college, in addition to money it also provided me with resume boosters. - satanatnmtedu, on 10/12/2007, -0/+4You don't build your credit rating simply by having a card. You have to use it and make on time payments to build your score. You would be better off having no card if you just put it in a drawer.
- Y0tsuya, on 10/12/2007, -0/+3"it was redicolous. there were hundreds of kids signing up for cards not knowing what they were doing."
It's ridiculous in the sense that parents aren't teaching their kids that borrowed money needs to be repaid. I mean, how hard could that be? It's a failure in parenting. But then again these days many parents aren't very careful with their money either. Monkey see monkey do.
In college I had a credit card but I know full well I had to pay the money back each month and I did. Problem solved.
Some people say the schools should teach kids how to balance their checkbooks and avoid CC debt, blah, blah, blah. NO. PARENTS are supposed to teach their children how to handle money. Schools and teachers are just a convenient scapegoat for a myriad of failures in parenting. - shreveyboy, on 10/12/2007, -0/+3I suppose the article is good for college students as a majourity, but I don't like how they generalize all college students, especially freshmen, as being financially irresponsibleness. I am currently a freshmen. I work, pay my way through school, and even run an online business (it's nothing much but the extra cash really helps). I even use credit cards for many transactions to build up my credit score for the future. I just have to be aware of what I spend and how much I spend of it. A simple money log in excel can do wonders. What it really takes is being a better, conscious citizen. Oh, and also look for new innovating ideals.
- inactive, on 10/12/2007, -0/+3Buy something in a zero financing deal at some place at Circuit City and I guarantee you get a credit card.
- edzieba, on 10/12/2007, -0/+3I have a student loan. It covers tuition fees, hall fees (and will easily cover rent + amenities), and food, with about £500 a term extra. I can't fathom what you'd need a credit card for at university.
- Popper, on 10/12/2007, -1/+4@CorpT -
"You do realize that you can pay off CC every month and pay 0 interest, right? And the cool thing is that they often offer some rewards program. That's like free money for spending money you were going to anyway. That's way better than a debit card."
Actually, you can pay it off every month, but most people don't. Of course, there are those people who do, and they could all have a national convention in a FotoMat booth with plenty of room left over.
The rewards programs don't make sense when you realize that a Dunn and Bradstreet study a while ago showed that the average consumer spends 12-18% more with plastic than with cash. So people who are crowing about their rewards are not good with math. It's not money you were "going to spend anyway" for the majority of people; it's that money plus some extra impulse money. That adds up to a free hat, 1% back, or some airline miles that you can't redeem unless all the planets come together just right? Doesn't make sense to me.
I'm not mad at anybody, but just think this thing through for a minute. - Xarou, on 10/12/2007, -0/+3I used a debit card. So, it worked like a credit card in the fact that I didn't have to carry around cash, but it didn't let me spend more than I had. Sure, I couldn't buy some stuff, but I didn't need the stuff anyways. I still rarely carry cash around with me, it's always plastic. I'm still credit card free, but I have some sizable college loans to pay back... stupid private college.
- harvinator24, on 10/12/2007, -0/+3The second week of college, we had people walking around our campus offering credit cards to anybody, especial freshman. If you signed up you got free clothing from the school, University of Albany.
it was redicolous. there were hundreds of kids signing up for cards not knowing what they were doing. - pHr3ak3r, on 10/12/2007, -1/+3lol she went crazily into debt over victorias secret...what was your major? business? english? Seriously its not that hard to run a budget...I'm crazily in debt but for student loans...again...not that big of a deal if you know what the ***** your doing...so use that college brain of yours to actually think before you do something...and BAM! life's better...
- Philluminati, on 10/12/2007, -2/+4
It's also a crash course in learning to manage your money and scrape through.
Not to mension a good time to experiment with drugs and sex.
This is a fundamental part of what university is about. Will that girl stick her course out? who knows, but regardless for those who pass their course the rich univerisity life is extremely fulfilling and important.
Developing your interests and passions are more important than money. - AnteChronos, on 10/12/2007, -0/+2I think one problem is that kids going off to college are often living on their own for the first time. They're used to the standard of living provided by at least one working adult with a steady job. Suddenly they're having to pay most (if not all) of their own bills, all while likely working part time. They simply cannot afford the standard of living they have come to expect, and the attempt o recapture it leads to their downfall (financially speaking).
- shibainu, on 10/12/2007, -0/+2go to a trade school or take civil service exams, dont be unemployed at 30 like me. i have a B.science and it just got me laid off. all these 25 year old kids with masters took my job and i still have 21k in student loans to pay. now im applying to be a sanitation worker.
thats right im begging to be able to pick up trash for the city. - wcbzero, on 10/12/2007, -0/+2I thought Credit Cards were free money.....
- ChuchuRocketo, on 10/12/2007, -0/+2Recent grad: currently 'debt less', but had two + credit cards and worked part-time through college.
I was told very early on to be wary of using a credit card and to try and always pay off the bills in full, especially if I wanted my own car or house. Also, the first card I had had a very low balance $200.
For those thinking of applying I recommend to start with a Visa (most if not all stores accept). It's nice to have one that has a secure online system so you can keep track of your transactions, so you know when hit or are very close to the limit. Keeping track of transactions is also good to help spot ID theft (happened once, fully refunded by credit card though). Personally, I prefer a regular credit card that bills monthly than to debit cards (money straight from the bank's checking account), since paychecks don't come day by day.
Since graduating and hired at a full-time job, I was able to invest in a car and now am saving for a house (sure I could probably get a good loan rate, but how am I going to furnish it??). For those that figured it out later best of luck (credit companies and banks will bully just so they collect more but if you finish paying off debts your score will increase), but to those who still have a chance money management really lasts through your life so it's best to take care of spending wisely and the benefits outweigh the crazy shopping splurges.
BTW, my credit score isn't perfect but it's good enough for me and better than most people I know, which makes me sad...
Disclaimer: I don't work for credit card companies, mortgage, and am not a licensed financial adviser. Just stating my experience and of those I know. Simply I dislike the credit card companies, loan sharks, and 'refinance commercials' and really wish more people had better credit scores so they would decrease interest rates to stay competitive. >:) - powerlockdoors, on 10/12/2007, -0/+2Why is it so hard for you to get a credit card after college?
- gotamd, on 10/12/2007, -0/+2What's the interest rate on your student loans?
What's the interest rate on your credit card?
I think that's your answer. - testcase, on 10/12/2007, -0/+1Shibainu: If that is the only job you can get, then you have to give up on the idea of getting a job and start a business. Even if it's a business recycling aluminum cans or walking dogs, forget the idea of begging someone else for the right to survive.
The only way out for you is up mon ami. There are thousands of people who started with less and clawed their way up from the bottom to accomplish all of their dreams. You can do it! The thing is, it takes guts.
What have you got to lose? Good luck! - inactive, on 10/12/2007, -0/+1If you know this is spam, why are you posting it?
The reason it din;t work is because your forum is
A.) Not necessary
B.)Crap - gotamd, on 10/12/2007, -0/+1It really boggles my mind how people fall for this kind of trick. I think that even the description "trick" is a misnomer. Credit cards are obviously *not* free money. When you apply for a credit card, they tell you up front about what the interest rate will be on your balance as well as your credit limit. There's no "trick" about it. I'm also a college student and I've had a credit card for over a year (debit card for much longer). I've *never* put more money on the card than I could immediately pay back. I know how bad my interest rate would be if I let my balance float...24% (APR) or some ridiculously high nonsense like that. I always pay my credit card off in full, and many times I pay it off right as I put the charges on it. To me, it's basically a replacement debit card.
- codmate, on 10/12/2007, -1/+2I just got my first credit card.
I am 30 years old and have only had one card - my debit card, since I was old enough to open a bank account.
I have put the credit card in a draw and will probably never use it.
You can live on virtually nothing if you have to.
I used to eat baked potatoes and beans pretty much every night when I was in college.
People are greedy and end up paying the price for it.
Why do you all think the banks are so rich? - cracell, on 10/12/2007, -0/+1This is why I am attending a community college and getting financial aid. And interning for a company to get experience.
Much cheaper to have the government pay. - krewemaynard, on 10/12/2007, -1/+2Holy CRAP.
- testcase, on 10/12/2007, -0/+1Shibainu:
I know you've taken some knocks, but you are never defeated until you surrender. Sorry, but it sounds like you've surrendered. I sympathize, believe me, but my sympathy isn't worth *****.
Things look bleak, but if you learned anything from college, it must be how to read and study. Start reading all the books you can get your hands on about success stories, positive thinking, entrepreneurship etc. I recommend "The One Minute Millionaire". There is no hell you can sink to that you can't rise from again provided you are still alive and you have your mental faculties.
For every hard luck story anyone can tell, there is a MILLIONAIRE somewhere who can tell you a story about how they had it much much tougher than you have it now. Your circumstances are real, but the way you see the world and respond to those circumstances determines your future. If you are convinced there is a wall in front of you, then there is. If you are convinced the world is out to get you, then it is!
Your mind and your emotions are the only things you can completely control, difficult though that may be. But strangely enough, your mind and your desires can provide you with all of the power you need to fight your way to the top. Start there. And go well! - dark_helmet, on 10/12/2007, -0/+1I need a credit card to pay for parking, either that or carry $8 in coins around if i need to park. Buying anything online pretty much requires a credit card these days. My cell phone company wanted a credit card for me to get a contract. my ISP wanted a credit card for me to sign up. Thats just what i can think of right now.
- Shenaniganz08, on 10/12/2007, -0/+1I recently graduated from UCLA
for 4 years I was completely debt free. Then I purchased an MR2 with money I saved up.
A year later I had over 1700 in credit card debt. I guess the only advice I can give people is that if you are going to buy a car, buy one thats in good condition to start with.
I was able to pay off my debt ( which rose up to 2000) in about 2 months of full-time work. Im currently debt free, and my car is doing fine :D - bheneghan, on 10/12/2007, -0/+1Ringing up debt in college is unavoidable. That said, there's good debt and bad debt. Federal student loans - good debt. Private student loans - ok debt. Credit cards - bad debt.
After a student takes out the maximum in federal student loans (which most do because loan limits are so low), they should go to private student loans. These types of loans have grown dramatically over the past decade because they make good sense - kids can borrow for expenses like housing, laptops, and travel and NOT make any payments while they are enrolled in school. A number of new private student loans are on the market, including www.thinkfinancial.com, because kids simply need money to get through school. Private loans are offered at reasonable rates, unlike many credit cards, and because you don't have to pay while you're in school, they are more affordable.
So make a hierarchy of debt for college expenses:
1) Federal student loans
2) Private student loans
3) Home equity loans (for parents)
4) Credit cards - testcase, on 10/12/2007, -0/+1If the whole point of college is to help you earn money, then you have to wonder why so many people end up poor for LIFE because of it.
If you're going to college because you want to be a scientist or academic, great! But if you're going to college to boost your income potential, forget it! Your earning potential is never greater than when you walk out of high school with your Diploma.
Look at all the billionaires that never finished college! These days, with the right idea, any fool who can run a lemonade stand can start a small business right after high school and leave 98% of all college grads for dead in less than 2 years!
Don't be a sucker! Stay at home with Mom and Dad if you can, use their garage to start a *simple, scalable business with good cash flows.* Work that business hard and fast, and put everything you would have invested in college into that.
Start your own business, become a millionaire and invest in continuous, life-long self-education. - kjk437, on 10/12/2007, -0/+1I have a credit card and I'm in college. I make purchases on credit and then immediately pay them off with my checking account. This way, my credit score goes up but I limit myself to what I have in cash. It works for me.
- crexor, on 10/12/2007, -0/+1a car is never an investment, ever, other than that though, good advice.
- threemagic, on 10/12/2007, -0/+1I did the same thing. I can't tell you how much it taught me either. Because of the issues I spent a lot of time fighting to get back above water but once I did I made sure I stayed there. My credit rating is very high now and I'm very proud of it.. and I think a lot of that has to do with how stupid I was.
The funny thing is, most of those high priced items I bought are still in great shape and work or look fine. I have the credit rating to get whatever I want now and I don't need anything. Ironic. - oknothing, on 10/12/2007, -0/+1Damn, dude. Hopefully the wifey hooks you up with good rubdowns.
-
Show 51 - 77 of 77 discussions
Check out the new & improved 
© Digg Inc. 2009
— Content created and posted by Digg users is