Comments on: Money Advice for the College Student - Part I http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/ Talking about money, without being boring. Sat, 05 Jul 2008 10:03:31 +0000 http://wordpress.org/?v=2.5.1 By: Ingvar http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-36185 Ingvar Fri, 18 Jan 2008 00:13:17 +0000 http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-36185 It's scary. My son is in college and they give him credit cards. He is diligent enough, but just looking at my sorted credit past I hope he do as I say and not as I did. (and do). Ingvar. www.canadafacts.ca It’s scary. My son is in college and they give him credit cards. He is diligent enough, but just looking at my sorted credit past I hope he do as I say and not as I did. (and do).

Ingvar.
http://www.canadafacts.ca

]]> By: Amber Yount http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-5353 Amber Yount Mon, 18 Jun 2007 21:00:45 +0000 http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-5353 I agree. It's irresponsible to not pay a debt you OWE just because the rate that you AGREED to is high. If it is high now, it was high when you got the card. Should have that about the rate while you were spending the money. I agree. It’s irresponsible to not pay a debt you OWE just because the rate that you AGREED to is high. If it is high now, it was high when you got the card. Should have that about the rate while you were spending the money.

]]> By: The Very Awesome Second Anniversary Edition of the Carnival of Personal Finance » Mint | Free, Simple Personal Finance Software http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-5267 The Very Awesome Second Anniversary Edition of the Carnival of Personal Finance » Mint | Free, Simple Personal Finance Software Mon, 18 Jun 2007 13:07:02 +0000 http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-5267 [...] Stephanie at Poorer Than You shared some great money advice for college students. [...] [...] Stephanie at Poorer Than You shared some great money advice for college students. [...]

]]> By: Carnival of Personal Finance: Greatest Hits Edition ? Get Rich Slowly http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-5215 Carnival of Personal Finance: Greatest Hits Edition ? Get Rich Slowly Mon, 18 Jun 2007 08:58:53 +0000 http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-5215 [...] at Poorer Than You crafted a three-part series featuring money advice for the college student. There are some good tips in that first part, but also check out parts two and [...] [...] at Poorer Than You crafted a three-part series featuring money advice for the college student. There are some good tips in that first part, but also check out parts two and [...]

]]> By: Stephanie http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-51 Stephanie Mon, 19 Feb 2007 02:31:00 +0000 http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-51 <B>Anon</B>: I'm not gonna lie, I hate this idea. Backing out on your debt because you don't like the terms? Credit cards are a voluntary debt - necessary for the occasional person, but for the vast majority of the population, it's simply a case of people trying to live beyond their means, and it catching up with them.<BR/><BR/>A better plan, in my opinion, would be "Debt Free by 2008!" If the credit card companies suddenly start running out of customers - not because their customers stopped making payments, but because their customers stopped carrying a balance - that would turn their heads. Of course, the credit card companies trying to prevent this by pushing for legislation that would charge cardholders who don't carry a balance a mandatory annual fee.<BR/><BR/>On a personal level, the best option is just to eradicate all of your credit card debt as quickly as possible, and stop paying interest that way. Anon: I’m not gonna lie, I hate this idea. Backing out on your debt because you don’t like the terms? Credit cards are a voluntary debt - necessary for the occasional person, but for the vast majority of the population, it’s simply a case of people trying to live beyond their means, and it catching up with them.

A better plan, in my opinion, would be “Debt Free by 2008!” If the credit card companies suddenly start running out of customers - not because their customers stopped making payments, but because their customers stopped carrying a balance - that would turn their heads. Of course, the credit card companies trying to prevent this by pushing for legislation that would charge cardholders who don’t carry a balance a mandatory annual fee.

On a personal level, the best option is just to eradicate all of your credit card debt as quickly as possible, and stop paying interest that way.

]]> By: Anonymous http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-52 Anonymous Sun, 18 Feb 2007 21:34:00 +0000 http://poorerthanyou.com/2007/02/06/money-advice-for-the-college-student-part-i/#comment-52 Hi:<BR/>Rather than everyone slaving away trying to pay off usurious interest rates on credit card bills, wouldn't it be far more effective if we all - millions of us - simply stopped paying down these cards until CC companies were forced to lower their rates to a fairer, more humane number?<BR/><BR/>I understand that people are protective of their credit ratings, but many people have very poor ratings anyway and have nothing to lose - except the chain around their ankles - by simply not paying until the rates go down.<BR/><BR/>If millions of us did this in unison for, say, a six month period, then what could the credit card companies do?<BR/><BR/>It's an odd way to look at things, but ask yourself this: if you have $20,000 of someone else's money, then who really has the power in that relationship?<BR/><BR/>I would suggest commencing any "Don't Pay" period on January 1, 2008, just when those Christmas bills come rolling in!<BR/><BR/>What have you got to lose..?<BR/>..? Hi:
Rather than everyone slaving away trying to pay off usurious interest rates on credit card bills, wouldn’t it be far more effective if we all - millions of us - simply stopped paying down these cards until CC companies were forced to lower their rates to a fairer, more humane number?

I understand that people are protective of their credit ratings, but many people have very poor ratings anyway and have nothing to lose - except the chain around their ankles - by simply not paying until the rates go down.

If millions of us did this in unison for, say, a six month period, then what could the credit card companies do?

It’s an odd way to look at things, but ask yourself this: if you have $20,000 of someone else’s money, then who really has the power in that relationship?

I would suggest commencing any “Don’t Pay” period on January 1, 2008, just when those Christmas bills come rolling in!

What have you got to lose..?
..?

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