Shielding children from overexposure to advertising, shopping, and seeing people using credit can help in the early years, but they will still be exposed to these concepts. To combat this parents must expose the truth beneath all the advertising. Walking a child through a credit card application, with all its terms, conditions, fees, and interest rate, explaining how these policies are designed to take advantage of the consumer is one important step. The same can be done with anything advertising a nothing down, no interest payment plan. By explaining how interest works, both in the favor of the saver, and to the detriment of the over spender, an important step is taken toward equipping a child practical financial knowledge.…
Getting Carded, You Just Got Checked The essay “Getting Card” by David Migoya talks about a big problems that student experience while their in college, the use of credit cards. This problem is not affecting the companies of the credit card holder, who know exactly what their doing. The companies are just making money regardless, because of how many people they have in the system..…
Credit cards are of great importance to everyone. If you don't use credit cards or make payments on something your credit will never go up therefore it will be harder to buy a home, car, or other things. Credit cards can be a pain but as I said before they are a necessity for living on your own and owning things. With a bad credit score your payments will be higher per month on cars, homes, and other things that you will need to survive by yourself. But on the same note don't make it to hard to make all your payments on time or else your credit score will drop.…
One of the main things I have learned from the Dave Ramsey videos is that you should not use credit cards. You should always save up for things and pay for them in cash, like cars and other big purchases. By doing this, it can help you stay out of debt and save up money for things in the future. Although many people will tell you differently, you do not need a fico score for anything. Some people will say that you need it for…
(274). Budding college students conclude that ownership of credit cards launches them from childhood codependence to adult self dependence. This deception occurs as a result of strategic and “sophisticated advertising strategies” utilized by the card companies. Companies fool and pressure the university attendants with their illusory advertisements which feature.…
The first step is to continue paying your bills on time. If you have a credit card account, the payments made should be more than the minimum requirements. Secondly, avoid opening new credit accounts when not required to keep your credit inquiries down. Next, another option is to obtain a secured credit card from your financial institution. A secured credit card is different from a normal unsecured credit card.…
I found the movie, Maxed Out, to be very informative. I learned a lot of things from watching it. The first thing that really captured my attention was credit card companies and how college students are a main target for them. I found that part of the movie very important. The second fact that caught my eye was that a person can buy another’s debt.…
Make payments on time When it comes to any bill, it is always wise to pay it on time. It is really no different with student loan payments. Paying a bill late leads to late fees, which lead to you spending more…
I intend to do the math regarding how much of my student loans I can payback per month while also keeping in mind how to be smart with other funds in my life. Although it’s important to pay back student loans, it’s also important to have extra funds in case of emergency. Realistically speaking, most people won’t be able to pay over a thousand dollars per month for their loans especially with the extra costs of everyday living. I plan to limit my discretionary spending in order to save more money that can be used for my student loans. This way I can ensure that my student loan debt will be payed in a timely fashion although I won’t entirely be burdened by the repayment of…
Most importantly it is more crucial to not borrow an excessive amount of money because the options we have buy things are endless. Money is very valuable and we have to learn to take care of every dollar we spend. I don't ever pick up any penny or dime i find on the ground because I know there is someone out there with bad financial credit. These are only a few out of the several reasons why it is crucial to maintain a good financial credit during your college years. Let’s also not forget to turn our heads away from businesses begging us to take out a loan or a spending card for their business because of our good financial credit.…
Maintaining good credit is equally important as establishing credit. With a good credit background, consumers have the ability to borrow funds at reasonably low interest rate without settling with lenders who place incredibly large interest on money. Learning how to establish and maintaining credit is a skill that everyone needs to take serious and perfect. To establish good credit, consumers should pay their bills on time, keep credit balances low and/or maintain the debt to income ratio, and periodically check for any discrepancies on credit report. To begin with, consumers should be responsible by paying their bills on time when they borrow money.…
Game of Loans Education should not be a debt sentence. However, according to Mark Kantrowitz in The Wall Street Journal, the average student this year will have to pay back more than $35,000 in student debt (Sparshott). Statistically, that is more than buying a new 2016 car or truck, which averages around $33,560. For a college student that is just graduating and makes less than 30K a year, that is outrageous!…
Cash vs. Credit Credit cards are cards given by the banks that are used for buying goods and services, and also offering credit services. Credit cards are being used as an alternative to cash, something that has come up as a result of technological changes. On the other hand, cash is the use of liquid money for shopping or buying of product. This is usually the money at hand that is used for shopping. People have different opinions about both, and different people have different preferences when it comes to money and cash.…
Too many children today want this and want that and never understand how much money is wasted by buying unnecessary things. I too was like this until my parents made me understand money and financial decisions. Going to college is a good example of children not caring or having no concern of money. If a student has a good understanding of financial literacy they will know that going to college and messing around is not a smart decision. Studying, eating according to your meal plan, and attending class would be a smart choice to make based off your financial literacy skills.…
The future is extremely unpredictable and it is difficult to ascertain the kind of situations that we would have to face in the coming days and years. That is why, it becomes extremely important and vital to invest and save money in a strategic and proper manner. Some of the reasons why saving money is important are as follows: Emergency Funds: In order to tackle emergencies in a proper manner, you need to have a substantial amount of money that you have saved over a period of time.…