Credit card companies have been increasingly active nowadays in terms of their marketing tactics.
One of these tactics include pre-approving college students with their credit cards so that students would be encouraged to avail of their services. Credit card companies would make it appear that these students do not have to exert effort to obtain a credit card. However, although this can seem very attractive and tempting, especially to students who need the money, there are many downsides to it that credit card companies do not realize or choose to ignore.There is no doubt that students know very little about properly managing their money because they are still young and do not have much experience on handling money. This fact would indicate that if students are given credit cards that easily, they would most likely be in a great amount of debt in the future. Students have numerous things that they think they need and with these pre-approved credit cards, no one will be able to control their spending activities.
As such, it is recommended that credit card companies be regulated in terms of who they offer these “pre-approved credit cards. ” No one can tell what consumers what they should not buy or what not to avail, which is why it is better to regulate the companies that provide the services. Companies should also lay out all rules and regulations to students if they should decided to avail of these pre-approved credit cards so that students would know what they are getting into.Making students aware of their responsibilities would lessen the probability that they would be in too much debt in the future.
Credit card companies, like most companies, only think about what would be best for them and not for their consumers, contrary to what they say and advertise. They should not use students to increase their profits because students have so many other things to think about aside from money, spending, and being in debt. Although people need credit cards for emergency.
