Tuesday, September 4, 2007

The College Credit Scam - Beware!!

The credit card industry has made a profitable art of corralling consumers into ruinous interest rates and hidden penalties that keep even people who pay their bills permanently mired in debt. The companies are especially eager to target freshly minted college students, who are naïve in money matters and especially vulnerable to credit card offers that are too good to be true.

College students need to be told right off the bat about the dangers associated with the cards that the companies are going to throw at them once school starts. The students need to know that the penalties associated with delinquent debts will accrue. They should also be told that delinquent debts can cause their interest rates to soar not just on their credit cards, but on car loans and mortgages as well.

Read more from this New York Times Article...

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