Many colleges in the United States currently allow banks to promote credit card offers on campus. However, this is a bad idea because college students should not sign up for credit cards. Most college students do not have enough steady income to pay off debt that they might incur with their new credit cards. They also don’t have the financial experience or responsibility to effectively manage their credit card accounts. Many students go “spend-happy” with their new credit cards. They see the the credit as cash, rather than as a source of debt. As a result, many college students with credits cards end up with a lot of credit card debt. Many of these students also cause a lot of damage to their credit scores, which may take many years to repair. Therefore, in the best interest of their students, colleges should not allow banks to promote credit card offers to students on campus. Colleges have a responsibility to protect their students. Since banks pray on students by offering credit card promotions, colleges should step in. Parents should also play a roll to prevent their college students from drowning in credit card debt, thus causing a 600 credit score or below. Parents should lobby for banks to be prohibited from promoting credit card offers to students on college campuses. Parents should also education and lecture their children about the dangers of credit cards and credit card debt before they go to college. Parents should also set a good example by not making purchases on credit cards that they cannot afford.
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