Well I just recently finished my research on loan traps and quite frankly it can be a little scary for us young people out there. There are some companies that think that all college students really don't pay attention and in turn they try to take advantage of us. So because of this we have to educate as many people as we can so the big companies can not get away with trapping students in debt that is not necessary.
One of the biggest ways that college students get trapped is by taking out too much money. Lenders will offer a bigger amount than is usually needed knowing that the younger generation loves to spend and not save. So in turn the lenders believe that by giving them extra money they won't be able to make all the payments on time and allows the lender to charge late fees.
Not all companies do this and there are a lot of trusted banks and lenders that are responsible and do not try to take advantage of students but there are still a lot out there that do. Being of the younger generation we really need to take a stand against those lenders that do and teach students from a young age how to be responsible and know what types of student loans are the best.
3 comments:
Hey abby,
I've been noticing the same thing with credit cards. It seems like every other day I receive a credit card offer in the mail for some outstanding rate for the first 60 days. Yet the bank I want to get a credit card from want everything from pervoius credit card statements to payroll. Clearly our age as a lot to do with who wants us to have a credit card.
Hey abby,
I do agree with you that young people get traped if they are not educated about these credit card companies. It's sad that they don't care if the young people go into debt or not. I think it's important that young people no that they are out to get them in the long run. I hope more younger adults wil start to take this matter seriously and will make better choices on how they trust and spend there money.
Abby I totally agree, companies send loan information to children as soon as they graduate from high school. The information comes with ridiculous amounts that sucker teens into accepting so they can have alot of money. Half of them don't even spend their college loan on their school, they purchase other things. Someone has to educate them.
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