I do believe financial literacy plays a huge part in it. But at the same time the credit card industry is sort of known to hand out credit cards like candy.
Some of yall probably are not aware but before the CARD act, the CCC companies would send reps to American campuses. “Sign on bonuses” were given to students who applied for their card. Usually cheap trinkets like a bong or even just straight cash.
Students without any stable job would get credit limits that would not make sense. This temptation lead to poor spending habits and accumulation of debt. Possibly even filing for bankruptcy later in life or just having bad marks on credit reports due to non-payment and sent to collections (this impacts ability to get other loans).
I do believe financial literacy plays a huge part in it. But at the same time the credit card industry is sort of known to hand out credit cards like candy.
Some of yall probably are not aware but before the CARD act, the CCC companies would send reps to American campuses. “Sign on bonuses” were given to students who applied for their card. Usually cheap trinkets like a bong or even just straight cash.
Students without any stable job would get credit limits that would not make sense. This temptation lead to poor spending habits and accumulation of debt. Possibly even filing for bankruptcy later in life or just having bad marks on credit reports due to non-payment and sent to collections (this impacts ability to get other loans).
It’s stacked against the normal person.