Death by Plastic planned
By John Hance
Students in Free Enterprise, Guest Commentary, Nov. 13, 2003
When a person incurs a five thousand dollar credit card debt, the financial institution will earn 91.3 percent interest. When making minimum payments, it will take 16 years and 3 months to pay off. This totals $9,567.05 paid to the credit card company.
Plastic debt is not funny, cheap, or smart. Being uneducated about credit card usage will cost more money than you realize. However, the argument is that having a credit card is necessary. The problem is that too many people abuse credit because they were uneducated about using this newfound purchase freedom.
Bad credit can ruin one’s life. Even the laws are changing to make it harder for the consumer to file and recover from bankruptcy.
Now for the good news. Credit counselors can help with credit card education. Nov. 17-21, the on-campus organization Students in Free Enterprise will have credit card education week. Guest speakers will be:
— Monday Nov. 17. Noon. Attorney Jim Hinterlong on the legalities involving credit card debt.
— Wednesday, Nov. 19. Noon. Laura Anke, Eureka Savings and Loan, on credit card debt and credit ratings.
— Thursday, Nov. 30. 12:30 p.m. Deb Bartman, University of Illinois Extension, on avoiding the credit card blues.
All presentations are in Room C-316.