TwixVoy
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Sun Oct-26-08 06:55 PM
Original message |
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So two college kids came in to the store today to buy a 52" LCD TV.
Kid had several credit cards. First one was declined so I got called over to "help" with the transaction.
I didn't find the transaction suspicious... just stupid. He was telling me it was "impossible" his first card got declined. Pulled out a second one which was approved. Kid was talking about how he got approved for all these student credit cards and was braging to me about his "$7500 limit" and how this TV was a "gift" to his buddy with him. Like I was supposed to be impressed with him.
Must be nice to wreck your credit and throw your self in debt in your early 20's these days.
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HopeFor2006
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Sun Oct-26-08 06:57 PM
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What do you expect? He is just following in the footsteps of so many in the generation before him.
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cbayer
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Sun Oct-26-08 06:57 PM
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2. They actively push cards on these kids. |
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Kids without income and with student debt. It's ridiculous, and it starts them down the road to neverending debt. It should be outlawed, IMO.
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blaze
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Sun Oct-26-08 07:00 PM
Response to Reply #2 |
3. It *should* be outlawed!! |
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Kids get targeted in high school for Pete's sake!!
I had to save $500 in my bank account... and then take out a loan for $500 (with my savings as collateral) and pay it back in installments before I could get a credit card. It was a great lesson. And probably saved my financial ass.
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gratuitous
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Sun Oct-26-08 07:02 PM
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4. And dumb ass credit card companies |
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I hate sounding like an old fogey, but I remember the hoops I had to jump through for my first credit card. Started quite small, built on that record, and learned how to handle credit responsibly. If I wanted to, I could have a credit limit larger than some small countries.
I'd bet the reason his first card was declined was that it hadn't been properly activated. The kid was smart, though; he bought the big screen TV as a gift for his buddy. When the collection agency comes around in about six months, they can't repossess something he didn't buy for himself.
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TwixVoy
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Sun Oct-26-08 07:05 PM
Response to Reply #4 |
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they are ASKING for defaults... though I suppose with the bail out they have plenty of money to burn again.
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TahitiNut
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Sun Oct-26-08 07:09 PM
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6. In "my day," the first credit card we could get was an oil company credit card. |
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Edited on Sun Oct-26-08 07:12 PM by TahitiNut
We'd need at least a part-time job to qualify. We'd THEN build up a credit history of at least 6 months with that card and THEN apply for a department store card. (In the Detroit area, J. L. Hudson's was the card of choice - Jacobson's for the up-scale set.) If we were lucky (and well-behaved) and employed, we'd use that card to build up more credit history and then, if employed full time and with a banking history, apply for the bank card. It'd take at least 18 months ... usually 2 years. After than, we'd "arrived" if we got American Express, Diner's Club, or Carte Blanche.
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MrsBrady
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Sun Oct-26-08 07:30 PM
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7. get them used to student loans |
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get them easy credit cards
debt becomes no big deal
hike up the interest rates
kids now adults pay out the ass
sounds like a good business formula
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greyseal5
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Sun Oct-26-08 07:40 PM
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8. Credit Cards should be outlawed |
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Speaking as a person who is up to my eyeballs in credit card debt.......yeah, I dug my own hole here but I'm a person who NEVER should have been approved for credit!
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cherokeeprogressive
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Sun Oct-26-08 07:50 PM
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9. That's what a college edumacation gets you these days... |
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Enough smarts to fill out a credit application, but not enough common sense to know how bad it can hurt you if you're careless.
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DU
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Tue May 07th 2024, 07:39 AM
Response to Original message |