Newspaper Page Text
By Diallo Marvel
Staff Writer
When students buy books, they
are in the bags they receive.
They adorn campus bulletin
boards and are visible in many of
the offices on campus.
They are credit card
applications and they are
everywhere.
Credit card issuers market
heavily on campuses nationwide.
According to Roper College
Track, a research firm, almost 60
percent of the nation’s 5.1 million
full-time students have at least
one major credit card.
Students are undoubtedly the
next managers, CEOs and
professionals, which makes them
prime target for credit.
Additionally, companies know
most students are under financial
stress and that credit is needed
for everything from tuition to the
DKNYs latest.
“I got my credit card for
emergencies and I don’t put more
than $15 on it at time,” said
Ytasha Womack, ajuniorat Clark
Atlanta University.
It is commonplace to see a
booth strewn with squeeze bottles
and other trinkets, manned with
a representative from one of the
major companies on campus. In
most cases, no job or cosigner is
required. Just sign it, and in a few
weeks credit power!
They acquire the list of student
bodies and send pre-approved
credit cards in the mail. In some
cases, students are receiving two
or three pre-approved credit cards
a semester.
Last semester at CAU,
American Express sponsored a
concert featuring popular artists
in conjunction with a local
magazine and signed over 1,000
students in four days, according
to Darrin Weldon, head of
promotions at Tafrija magazine.
Forawhile, there was actually
a line at the booth.
What is not so apparent when
the ink dries is credit can spell
big trouble.
Statistics show that over 100
million people in America have
bad credit, or a history reflecting
slow or late payments and
students can easily become a part
of those figures.
Former student Roderick
Nelloms, at one time had an A-l
credit rating, but soon found
himself at the door of a bill
consolidation office.
“I wish I would’ve known then
what I know now,” Nelloms said.
Like many others, he would
end up financing his life.
All credit cards applications have
fine print, which is sometimes
hastily reviewed by students.
To creditors, interest and time
are the name of the game. Just
paying the minimum balance will
not insulate consumers from a
losing fight.
The Atlanta Journal-
Constitution's figures reveal the
, average balance on a credit card
is $1,700. With an annual
percentage rate of 18%, a
minimum payment of 2.8% will
take 14 years to pay off the debt.
Don't get caught in the plastic trap
Photo by Melvin Jackson
The plastic trap: Students end up straddled with debt from credit card
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