The Credit Trap:

What They Don't Tell You About Credit Cards In College.

In industrialized nations, going into debt starts early. It's easy for an eighteen-year-old to get credit cards and fall into debt, especially if they're headed for college.


I remember my first year in college as a 17 year old. Credit card offers were plastered all over the university campus. I don't know what saved me from falling into the credit trap when I was in college but many of my friends were not so lucky.


Many of them started out by using credit cards for textbooks, then stereo equipment and clothes. Then the next thing they knew, they were drowning in debt.

No one told them what they were getting themselves into. No one told them that credit cards don't put you in control, they put you in chains.

I think there should be a law against openly marketing credit cards to young college students. However, the situation is quite the opposite; credit card companies are often given free reign in college and university campuses to market their wares to unsuspecting college students.

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And what about those ubiquitous student loans that are often pushed at college students? 

Financial Aid officers make it far too easy for students to sign on the dotted line. 

"It's a low interest loan, they say". "You don't have to pay it off until you graduate", they say. 

But what they fail to tell you is that student loans and credit card debt bind you in chains for years for which you cannot afford to make one financial mistake or you and your family could be put out on the street. 

Furthermore, none of us know what is promised for tomorrow. We don't know if we will be healthy or sick; nor if we will get that well-paying job after graduation from college. 

Speaking of getting that well-paying job after graduation, another thing they don't tell you in college is that it may be a good idea to check your credit report before you go out on your first job interview. 

What does a person's credit report have to do with getting a job you may ask?


Well, a new trend in hiring these days is that many employers are checking potential employees' credit histories first before they consent to hiring you (great, isn't it?). Just have a look at some of the jobs in the classified section of your newspaper and you are sure to see a few employers "pledging" to check your credit report before they will hire you for a position.

So, just what are they looking for when they look into your credit report? Well, my guess is that they probably will be looking at how much debt you owe and your payment history.

 

If what they read from your credit report indicates that you are a credit liability, then chances are you may not get that job you wanted.

Do you know what your credit report has to say about you?

Getting a FREE copy of your credit report is easy if you've been denied credit, insurance or employment within the last 60 days. If your application for credit, insurance, or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with that credit bureau's name, address, and telephone number. 

In the U.S. there are three major credit bureaus who issue credit reports to lenders - Equifax, Experian, and TransUnion - and they don't share information. So even if you correct an error on one credit report, you will have to do the same on the other two.

Once you have your credit report you can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation.

If, however, you don't qualify for a free copy of your credit report, there are lots of alternatives available, especially by internet, where you can get a copy of your credit report for a small fee. 

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