Credit card vendors leaving college
An insane tradition of American debt-based consumerism is the marketing of credit cards on campus, to students. Not only are the students likely to be buried by existing student loan debt, they’re also faced with an onslaught of offers for new credit.
And when you’re broke on campus, it can be hard to say no to another “eat now” and “pay later” type of arrangement.
But what happens when the jobs aren’t there for graduates like we’ve seen so recently? Many students will be left with huge penalties and horrible credit records for life just because they graduated in the wrong year.
At the very least, efforts to lend to students will be declining across the board. Instead, the government will take out debt on your behalf. You’ll still get to pay it back, but they’ll decide how to spend the cash now.
Oh, but you’re hungry now?
Its something to think about while we congratulate the government for “liberating us from debt.” They’ve done more than any single bank to ensure that we’re all on the hook.