Drowning in Debt
The concept of fiscal responsibility, to a majority of students, represents a new, unexplored terrain and their lack of knowledge allows the experienced system to entangle the fresh meat into their web of suffocatingly high, predatory interest rates. To express his frustration with the credit card companies, as well as sympathise with the students, Mancias asks then answers the question, “Who is to blame for this situation?” (274). The answer to his question becomes his thesis which states, “Credit card companies' predatory lending practices- such as using exploitive advertising, using credit scoring to determine creditworthiness, disguising the real cost of credit, and taking advantage of U.S. government deregulation- are causing many unwitting college students to accumulate high levels of credit card debt.” (274).
Budding college students conclude that ownership of credit cards launches them from childhood codependence to adult self dependence. This deception occurs as a result of strategic and “sophisticated advertising strategies” utilized by the card companies. Companies fool and pressure the university attendants with their illusory advertisements which feature. Mancias describes this pressure with examples such as, “...happy campus …show more content…
FICO credit scores ultimately determine the applicant's ability, or assumed ability, to pay back the borrowed amount. However, while this strategy benefits women and minorities, college students become the recipients of the adverse system effects. Carlos mentions a piece of legislation that would work “to secure proof of adequate income for college age customers before approving credit card applications…(275). Meaning that the lines of credit offered to students accurately reflect their measure of income as to prevent them from
The concept of fiscal responsibility, to a majority of students, represents a new, unexplored terrain and their lack of knowledge allows the experienced system to entangle the fresh meat into their web of suffocatingly high, predatory interest rates. To express his frustration with the credit card companies, as well as sympathise with the students, Mancias asks then answers the question, “Who is to blame for this situation?” (274). The answer to his question becomes his thesis which states, “Credit card companies' predatory lending practices- such as using exploitive advertising, using credit scoring to determine creditworthiness, disguising the real cost of credit, and taking advantage of U.S. government deregulation- are causing many unwitting college students to accumulate high levels of credit card debt.” (274).
Budding college students conclude that ownership of credit cards launches them from childhood codependence to adult self dependence. This deception occurs as a result of strategic and “sophisticated advertising strategies” utilized by the card companies. Companies fool and pressure the university attendants with their illusory advertisements which feature. Mancias describes this pressure with examples such as, “...happy campus …show more content…
FICO credit scores ultimately determine the applicant's ability, or assumed ability, to pay back the borrowed amount. However, while this strategy benefits women and minorities, college students become the recipients of the adverse system effects. Carlos mentions a piece of legislation that would work “to secure proof of adequate income for college age customers before approving credit card applications…(275). Meaning that the lines of credit offered to students accurately reflect their measure of income as to prevent them from