Millions Fall Deeper Into Debt
April 10, 2006
Every few weeks or months you hear news stories that say how much further into debt millions are falling. A lot of these are with people accepting credit cards, maxing them out and then not being able to pay the full balance. Some even use other credit cards to pay off credit card balances. That in itself is just looping the problem over and over.
A big problem is that credit card companies do everything they can to lure college kids who might not have any idea what APR and any other credit card term is. They see free money and they happily sign away their life before going on a shopping spree. They don’t realize that the card they just signed could have them paying back half over even twice the balance of the card.
The credit card business along with other companies even follow your kids to Cancun and Florida on their vacations where they know that they will probably be intoxicated and easier to trick into any number of contracts. Plus some of the schools let credit card companies set up booths right on campus.
Teach your kids what they need to know about credit and credit cards before they are old enough to get one. Keep them from joining the millions who have bad credit and owe thousands.
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