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Credit Cards [Papa]

Credit Cards [Papa] - Lee Jordan 5 Econ Papa Many colleges...

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Lee, Jordan 9/14/08 5° Econ Papa “Many colleges have tightened rules on credit-card marketing on campus in order to discourage students from racking up huge amounts of debt”. This is the main reason that credit cards suck. Unlike debit cards, credit cards do not have a set limit. With debit, you can only use what you have, so if you only have 500 dollars, you can’t buy a 550 dollar television, unless you have the extra 50 dollars in cash. With a credit card, you can buy that 550 dollar television, even though you don’t have that extra 50 at the time. But what happens if you can’t pay off the whole thing when the time comes? Then, you are officially screwed. A more efficient card to use is the pre-paid debit card they work like standard debit cards, except they aren’t linked to any checking account. You pay money for the card, and have that cash you paid transferred into the card for use whenever you want. It’s just as good as cash, but in card form. Unfortunately, these cars typically carry hefty fees and offer fewer protections than credit cards, but I think it is worth it.
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