I have always heard stories of people struggling with debt, whether it be credit card debit or student loans and I always told myself I would never allow myself to be in the situation. Well I am a junior in college and debt has inevitable creep up on me. Debt is a scary thing that not only affects your whole future but how you feel about life now. I know this because I am living through it now and am convinced that if I had been more educated on the effects of using a credit card I could have saved myself much time and depression on the matter. In this paper I will show the devastation of student’s lives and give the statistics of students who are in debt because of the use of credit cards and then offer some solutions to help students who have already become victims to credit card debt.
On January 8th of 2006 a student, Geraint Banks hung himself two days before his 21st birthday after a bank called in his 1,000 overdraft. Geraint, was studying computer design and was last seen alive leaving his bank after a meeting. This is one of the many sad stories I was able to find about a college student killing himself because of credit card debt which I hope reinforces how important this subject is.
5 comments:
I agree that something should be done about this crisis that is happening! I have a credit card myself, fortunately I have been doing well with it and haven't gotten into any trouble yet. I can see the huge potential it has to slither its way into a student's life and choke him out though.
You wrote a great blog. It was persuasive because you tugged on my heart strings.
I agree with your editorial. I think that the society as a whole needs to be more educated financially. I think that your organization is a bit weak but I think that you did a great job at establishing ethos.
Wow! That is so sad. Debt can really plague your life if you don’t think before you act. Not only is it important to think before you act, but to plan ahead. The First Presidency has even counseled us as members of the church to get out of debt and stay that way. It is so important to follow this counsel and do our best to spend our money wisely.
While I agree that some people (students as well as other adults) have a hard time dealing with credit, others like myself are more than capable. I have had credit cards for years and have perfect credit. In fact I checked my credit score before writing this and I scored nearly 800. The reason I have good credit is because I did the research about how it all works before I got started. Perhaps in your paper you could suggest some ways that the general public could be educated before being able to receive a credit card. What do you think about it being required material for a high school econ class?
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