credit card debt
credit card fees
credit card interest
credit cards
federal reserve
interest
penalties
the fed
Federal Reserve is examining credit card interests and fees...
@flowerchilde (12529)
United States
April 29, 2008 11:49am CST
Do you know a young person who received credit card applications in the mail at barely 18, then got into trouble? Mostly from not knowing how it works.. so they racked up the very high fees when the bill isn't paid on time, or didn't pay the full minimum payment.. then by that they can go over their limit, so then is another big fee added.. Do you think all these are fair business practices?
2 people like this
2 responses
@flowerchilde (12529)
• United States
29 Apr 08
Now that parents have caught on to this marketing strategy, hopefully many more young people are being warned and informed by their parents.. I've heard people say banking, finance, credit cards, etc should be a course in high school.. and I have to say I agree, as most of it is very complicated and when a young person looks at that shiny credit card, for instance, and the credit limit/opportunity, they likely just go yippee! Not realizing how it can backfire..
@KrauseHome (36445)
• United States
29 Apr 08
I think the biggest problem today is that #1 with the Economy being the way it is, companies are so willing to hand out Credit Cards and such anymore to just about anyone, and Credit does not matter to them. So in turn especially the younger ones do not know how to use them, and end up running up their Cards not having a way to pay anyone back, and destroy their Credit in the meantime.
But s lot of it also stems from the example they may or may not have been taught when growing up as a child in the home. If their parents were Free with money, and there was no real Budgeting there, what have they got to go by as an example? It's only when someone takes time to teach kids how to Budget, and avoid Credit issues do a lot of them listen and use Credit more wisely.
Maybe it should be taught more in the Schools, and especially when they get to College to prevent many of them from having yrs. of bad debts following them and not knowing how to get out of them.
