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This Is What Happens When Financially Immature Students Get a Credit Card

Our kids are fortunate to be growing up in the most progressive and exciting time in history. Sadly, the very culture that offers them the world is also perpetrating this lie:

You are entitled to have everything you want even if you don’t have the money to pay for it. It’s not a problem. You deserve it. Get it now and you can pay for it later!

 

There’s a huge consumer-credit industry out there planning to give your kids their very own credit cards—personal passports into the abyss of consumer debt. This will not require your permission or approval, something that one reader is experiencing first hand.

Dear Mary: My daughter who is in college got a credit card and now she is in over her head, unable to pay what she owes.

She works part-time and makes a very small salary. With the high interest and late fees, the balance is now over $2,500. I will have to step in and handle the account.

How can I negotiate with the credit-card company to settle for less? I don’t know how she got this card on her salary but she kept quiet about not being able to make the payments until we started getting collection calls for her. I appreciate your thoughts and expertise. Millie

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