Comments on: Upside of the Credit Crunch for Students

By: Johanne

Johanne — Thu, 19 Feb 2009 11:31:28 +0000

The bottom line of sound money management is this: don’t buy what you can’t afford. It’s common sense really. Unfortunately, our credit system has lured people into getting seduced by a false sense of wealth. It doesn’t help when lenders try to convince people to “buy now” to get …

Call me conservative but a famous quote once stated: whatever you can pay now, do not pay later.

The credit system is the exact opposite of that – buy now pay later. And look at our economy – insolvent. And worse, we are on the brink into sinking into even more debt.

Anyway, the cornerstone of finance can be summed up in one line: “cash is king”. Unfortunately, our banks forgot that. And consumers, in turn, became careless in spending credits forgetting that they didn’t have the cash to cover for credits.

This crisis is our own doing as a nation.

By: Weekly Round Up- Post Valentine | Consumer Boomer

Weekly Round Up- Post Valentine | Consumer Boomer — Mon, 16 Feb 2009 01:53:31 +0000

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Weekly Round Up- CNBC On The Money | Good Financial Cents — Mon, 16 Feb 2009 00:59:36 +0000

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By: Green Panda

Green Panda — Thu, 12 Feb 2009 03:44:14 +0000

@James: I completely agree. Both at community college and universities have credit card companies out there in prime locations like the food court to get students to sign up. That’s why BEFORE they leave home and/or go to college they should know the basics.

@SimplyForties :Wow, I didn’t realize how bad it is. We had a free lunch if you applied for a credit card deal. The school would send emails and the local subway sponsored it.

By: SimplyForties

SimplyForties — Thu, 12 Feb 2009 02:44:20 +0000

My son, a senior at the University of Missisippi, receives literally hundreds of solicitations every day in his university e-mail account. When he had a campus mailbox it was stuffed daily with credit card offers. Then there are the offers from companies who make products that are “must haves” for the discerning dorm room occupier. While it would be great if personal finance were taught at schools, I’d be really happy if said schools would stop selling our children’s names and contact information to companies who are only interested in separating them from whatever money they (or their parents) may have at their disposal. How about if the schools also stopped allowing these companies to set up their tables on campus in order to lure the students in? This little revenue stream for colleges really drives me crazy.

If the credit card companies are finally realizing that peddling their wares to college students is not the best way to make a buck, that’s great news!