As students, many parents are astonished when their children fall behind in their budgets when it comes to receiving things they want, especially food, clothes, school supplies, and other basic necessities. It may be hard for them to focus on what parents need for Christmas or school rather than what their children really want. Too many students turn to credit cards as a means to control their spending and to pay to stay away from disaster. Yet, the credit card industry has developed a system that is rife with loopholes and loopholes.
1. This makes it easy for students to spend more on what they want – often past expectations.
2. Here, too, is the trap of interest rates: These are often higher than what a typical parents would have thought. Students often pay more than their parents are paying, and many will be paying 10 percent or more. This system of picking and choosing among student credit cards is a violation of the First and Fourteenth Amendments to the United States Bankruptcy Act. It is illegal for banks, other lending institutions, and other financial institutions to raise credit cards rates in an instant or undersettle a child, in other words, to automatically transfer one child to another credit card without approval from the issuer if the child is already under 14.
3. With these fees being billed as ‘add penalties’ – and not ‘revolving debtors’, the students are just pawns of the banking establishment.
What Does All this Mean?
Obviously, this system of student credit cards is abusive and obscene. Why are banks charging students what they want – and not having to? What it means is that if parents want their children to be responsible with student credit cards, they should spend more, not less. If parents want their children to have the credit privileges they are accustomed to having, they should consolidate supplies and student loans into one single loan (from a parent, I could go on). If parents want their children to live in dorms and co-ed spaces (no fees really) and not subject students to heavy financial stress, they should cut supplies and loans. The problem is that the students will have lower incomes and could end up owing more interest amounts – which may be unaffordable for them. Of course, the kids need to pay for whatever is thrown at them, but the banks keep charging them anyway because it’s what they are paid to do.
If you are a student and have children in your household, take the financial responsibility that you think your children deserve, and make the necessary payments in self-discipline and discipline.
Student Credit Card
Student credit cards are simply loans under the names of banks whose interest rates you are not paying, and whose interest rates are no longer being raised. Bankruptcies are being made against them, there are layoffs planned, wages and salaries of top officers being increased, and thousands of dollars in unpaid pensions being garnished.
The purpose of these ‘student credit cards’ is to provide a “re-start” for college students; they are not just any student credit cards! These are just loans under the name of banks; and the general public does not know about them! What they are really all about is making money!
Student credit cards are absolutely not loans under the name of credit unions. You can do both but just for one and save a few bucks each year!
The federal government allows banks and financial institutions to issue student credit cards in certain limited circumstances, such as for the “special needs” of college students. That usually means a student can apply for the card at a retail store, a clothing store, or at a college bookstore. This means that no matter what their pre-requisites are, student credit cards are valid for college supplies and fees. If you really need a credit card for your college students, then you don’t need to use one either.
Why Not Apply For That Student Credit Card?
Most banks and credit unions allow student credit card applications and withdrawals in a small number of specific circumstances, like for “special needs” or student students who might not qualify for a major loan, such as for a career in finance. Other circumstances may also allow small amounts of free tuition at college campuses. And there is generally a chance that student credit card holders could be included in the billions of student loan defaults each year. Because students do not develop this ability until college age, student credit cards can cause college students to graduate and begin paying tuition and servicing their credit card bills.
What You Should Know About Bankruptcy
Bankruptcy is really a lengthy and expensive process, and one that most college students do not realize is going to take time and discipline.