2008 Woodie Awards
Be wary of credit cards
Megan Keller
Issue date: 4/19/07 Section: Opinion
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Last year, someone randomly gave me a coupon for a free Subway sandwich outside the library. I thought it was my lucky day-until I reached the fast food eatery.
Inside were two suited credit card representatives from Citibank on an apparent college tour. My coupon was nothing more than a piece of paper. If I wanted to eat, I had to sign up for a credit card.
Initially I stormed out and walked down Presque Isle, angry that credit card companies were stooping even lower to win my affiliation. I just wanted a chicken sandwich. Apparently filling my mailbox with solicitations wasn't enough anymore. I wondered why more students weren't angry-there was a horde waiting to sign up. My hunger won over my morals and I grudgingly signed up, figuring I didn't have to activate it after all.
Or so I thought. I was issued a large bill for my summer apartment storage three months later. My first card didn't have enough credit left to cover the payment, so I activated the sandwich card. And my slow decline into debt began. It's kind of like a credit card mafia; "I thought I was out, but they keep pulling me back in." It's easy to fall victim to massive debt.
I use my credit cards when I have to-for things I cannot pay with cash without going bankrupt. While I only use them now for some bills and car repairs, I've used it in the past for food, books and the occasional shopping spree (feeding my eBay addiction). In fact, this year I've tried not to use them at all, with the worthwhile exception of my Bonnaroo ticket. Students use their credit cards primarily for school supplies, according to a 2004 study by Nellie Mae, an originator of student loans. In second place was textbooks and food. Slightly less than 24 percent reported using their cards for tuition.
Nevertheless, by the end of this week, both of my cards will be more or less maxed out. (Sorry, Mom and Dad.) While I was swimming toward the black, I'm now deep into the red. Now, I'll have to start paying all over again, but I'm sure my credit limit will magically expand and cause further debt.
Inside were two suited credit card representatives from Citibank on an apparent college tour. My coupon was nothing more than a piece of paper. If I wanted to eat, I had to sign up for a credit card.
Initially I stormed out and walked down Presque Isle, angry that credit card companies were stooping even lower to win my affiliation. I just wanted a chicken sandwich. Apparently filling my mailbox with solicitations wasn't enough anymore. I wondered why more students weren't angry-there was a horde waiting to sign up. My hunger won over my morals and I grudgingly signed up, figuring I didn't have to activate it after all.
Or so I thought. I was issued a large bill for my summer apartment storage three months later. My first card didn't have enough credit left to cover the payment, so I activated the sandwich card. And my slow decline into debt began. It's kind of like a credit card mafia; "I thought I was out, but they keep pulling me back in." It's easy to fall victim to massive debt.
I use my credit cards when I have to-for things I cannot pay with cash without going bankrupt. While I only use them now for some bills and car repairs, I've used it in the past for food, books and the occasional shopping spree (feeding my eBay addiction). In fact, this year I've tried not to use them at all, with the worthwhile exception of my Bonnaroo ticket. Students use their credit cards primarily for school supplies, according to a 2004 study by Nellie Mae, an originator of student loans. In second place was textbooks and food. Slightly less than 24 percent reported using their cards for tuition.
Nevertheless, by the end of this week, both of my cards will be more or less maxed out. (Sorry, Mom and Dad.) While I was swimming toward the black, I'm now deep into the red. Now, I'll have to start paying all over again, but I'm sure my credit limit will magically expand and cause further debt.
Viewing Comments 1 - 1 of 1
athyssen
Amanda
posted 4/22/07 @ 12:08 AM EST
I can totally relate to this article. I used to be a great saver. My money went into my savings account and I only used it when I needed to. Then I got my first credit card. (Continued…)
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