As the economy booms, students are increasingly obtaining multiple credit cards. Because it is easy to get into piling of credit card debt without financial education, students should learn the proper use of credit cards before they have one. Professionals, politicians and the general public all provide different viewpoints to the importance of financial education for college students before holding a credit card. Dr. Carla Anderson and Dr. Karen Card’s “Effective Practices of Financial Education for College Students: Students' Perceptions of Credit Card Use and Financial Responsibility” written in College Student Journal and Leslie Richardson’s "Colleges and High Schools Offer Some Counseling for Credit Card Using Students." Written in Republican …show more content…
Dr. Anderson and Dr. Card agree the need of college student have a basic understanding of credit cards before they enter the credit card world. This article was published in College Student Journal and is directed toward general public, but mainly focuses on college students. After providing the purpose of this study and explaining an overview of the credit card debt issue among college students, Dr. Anderson and Dr. Card report a detailed experiment in the article. Dr. Anderson and Dr. Card use formal language, well-constructed paragraphs, and build credibility to establish the differences financial education can make on college …show more content…
The students who learned financial literacy will use credit cards more effectively compare to the students who have no knowledge about financial literacy. Dr. Carl Anderson and Dr. Karen Card’s, “Effective Practices of Financial Education for College Students: Students' Perceptions of Credit Card Use and Financial Responsibility” strongly encourage schools to promote financial education courses. Dr. Anderson and Dr. Card’s article are reliable and believable. They included different perspectives from various credible sources and performed a well-conducted study to make the claim concrete. In a similar way, Leslie Richardson’s, “Colleges and High Schools Offer Some Counseling for Credit Card Using Students" also emphasizes the importance of financial education for college students, however, the article appeals more to audiences’ emotion than providing a well-constructed support to the claim. Therefore, Dr. Anderson and Dr. Card’s article concluded the issue much more thoroughly and
Taking a financial literacy class would help students learn how to stay out of debt. According to the article, “Finance Course Prompts Debate” by Gina Davis, the class would “cover concepts such as money management, consumer rights, and responsibilities,
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
Kovak, Marc. “Survey suggests credit card companies unfairly target college students.” 31 March 2013. ProQuest. Mira Costa College Library, San Elijo. 15 Oct. 2014.
D. Thesis and Preview: It is important to know how to use credit cards to your
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
One might say there is a strong argument for the requirement of financial literacy for students in America. Americans continue to have increased balances on their credit cards as well as show a continued increase in bankruptcy filings according to statistics. Even the “baby boomer” generation is no longer exempt from financial hardships, as their generation has recently taken the title of “Fastest Growing Bankruptcy Demographic” from the 25 – 34 year olds (Linfield, 2011). Would it not make sense to say that Americans need to learn how to budget and borrow more wisely? Would not the best place to start be in schools? Well, the answer to that question is not a simple one.
For this assignment I attended a credit card workshop. I decided to attend the “know your credit score” workshop for class because I wanted to get a better understanding of how credit works. Currently, I do not own a credit card and I am not too familiar with how the process of getting one and maintaining a good credit score works. Since I will be graduating this coming June and credit card companies will be contracting me soon after, I felt as though it would be to my best interest to start building a basic knowledge of how credit cards work. Additionally, I felt this workshop was important to attend because it would give me insight in how to maintain a good credit score and avoid some of the common mistake the people make with their credit cards. Lastly, since ones credit score is the basis of how they are judged of their reliability to payback loans and other general purchases I felt as though this would be a very informative and helpful workshop to attend.
Today’s college students are bombarded with ads, commercials and mailings telling us that we need to spend money to be happy. At the same time, many of us come to college very ill-equipped to handle our finances. Financial literacy, defined as "the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security," is important in our money matters as well as academic performance. Based on your understanding of financial literacy and experience (or lack thereof) of personal finance, 1) pick two personal finance topics (including but not limited to: credit cards, student loans, budgeting, saving, banking, and investment, etc.)
My best friend from my childhood is a marketing agent’s dream. Constantly duped and deceived by flashy ads and predatory marketing, this kid will buy anything - usuall on credit. At last check, my friend had maxed out 4 credit cards to the tune of over $30,000. Very rarely did the money go for something necessary, like accommodation or food, but usually was spent on a multitude of gadgets, toys, and other assorted ‘guy-stuff.’ CDs, a subwoofer, X-boxes and PlayStations, new rims and tires…he even whipped out the plastic to cover the $5,000 for his girlfriend’s new boobs! In my humble opinion, this was probably one of his wiser purchases, but still highlights the fact that my friend has a serious problem managing his finances. Unfortunately, my friend is not alone, but is one of thousands of unassuming college students trapped by credit card debt.
Social Issues in College Education and the Student Debt Crisis. Hayley Engelman Central Methodist University SO101-OA: Intro Sociology Professor Barwick March 3, 2024. Introduction For many high school graduates, receiving a college degree is a huge step towards achieving success in the workforce, in the United States.
With a debt card (credit card) transactions spending so much easier and practical; not to mention many interesting promo promo liver, so more smoothly lah events swipe-swipe, heee ... But be careful with the beauty of the debt because he is like a thorny roses, which if we are not careful to hold it, it can make us hurt by the sharp thorns. Understand that debt is a pleasure sacrifice the future for the present / past. Opponents of the debt is investment, which sacrifices the present / past for future enjoyment.
In the times of economic uncertainties, choosing to pay off your credit cards is probably one of the most excellent financial decisions you can take. On the other hand, most people have become addicted to using their credit cards. There are loads of attractions in the world and people often use their plastic cards in order to fulfil their wishes, without realising potential circumstances. In the end, it becomes difficult to pay off the credit card debt and millions of people across the world are struggling with increasing interest rates on credit cards. Hence, the numbers of bankruptcies have significantly increased in the recent past.
College is when many of us spread our wings and leave the nest. Away from our parents and guardians that protected us from what was out there to hurt us. Commercial banks’ most favorite hunting ground is at college campuses. Young adults who have been told to get a credit card, or buy a car with an auto loan so they can “build credit” because that is a mature thing to do. Well here we are, American college students, ready to do what everyone is tell us to do, start a credit score. But is that really we should do? Obtaining a credit score is an important aspect of finance to many, but credit had developed into a virus after thousands of years that has affected Americans mindset, our behaviors, and how we will live our lives in the future. So
The importance of financial literacy and college students As student, finances can be difficult especially if you have not sufficiently allocated regular money earned and spent, financial literacy is the very foundation that everyone can benefit learning from Christina is a 20 years old student, attending Pasadena City College. As a single parent, working a part-time minimum wage job, finances can be difficult, This week her friends have invited her to a weekend Music festival in the Coachella valley, Before even thinking she reply’s “yes “She buys the tickets online using her credit card that has a limit of 700.00-dollar limit the ticket she purchases adds up to 400.00 dollars; When she returns from the trip she notices that she went over
Without basic knowledge on topics such as loans and insurance, students will be like fish out of water. Many Americans with a lack of financial knowledge have found themselves in