Spring Break
Errors in bills should be reported
Students should manage spending, be aware of theft
Lindsey Lewandowski
Issue date: 3/14/05 Section: Money
"I don't even think they make it to the rooms," she said.
Chuck Major, director of Housing and Residence Life, said it has no control over how much mail from credit card companies students receive. He said students probably find such mail in their boxes because they're easy targets.
"Those who are weak will say, 'OK, I'll use this credit card, and hopefully be able to pay it when the bill comes,' " Major said. "Some students are strong."
He said students should discuss credit cards with some type of adviser - maybe a parent.
"I think like any instrument, it's how people use it," Major said. "It's not the instrument that's bad. Potentially, it can be helpful for people if it's used correctly."
John Schroepfer, a personal banker at Wells Fargo, 204 E Grand Ave., agreed.
"They're very important when it comes to emergencies," he said of credit cards. "You have your parents, but if they can't float you the loan, at least you can support yourself."
He cited the example of needing to fix the car and not being able to get a hold of parents.
"If you have available credit on your credit card, you can take care of it right then and there," he said. "If your parents will reimburse you, great."
He said credit cards also are important because students who have one may learn to be more responsible with credit.
According to the Federal Trade Commission, a credit card can be more convenient to use and carry than cash.
Anyone at least 18 years of age who has a regular source of income may qualify for a card.
However, the commission warned that invitations from card issuers don't automatically mean credit will be granted - a person's credit report still must show he or she is a "good risk" for companies.
Fees, charges and benefits vary among issuers, according to the Federal Trade Commission.
Hence, it suggests shopping around for a card and comparing the Annual Percentage Rate, or a measure of the cost of credit expressed as a yearly interest rate; the grace period, or the time between the date of purchase to the date interest is charged; annual fees and transaction fees. Some issuers may charge if one uses the card for a cash advance, is late on a payment or exceeds credit limit.
Chuck Major, director of Housing and Residence Life, said it has no control over how much mail from credit card companies students receive. He said students probably find such mail in their boxes because they're easy targets.
"Those who are weak will say, 'OK, I'll use this credit card, and hopefully be able to pay it when the bill comes,' " Major said. "Some students are strong."
He said students should discuss credit cards with some type of adviser - maybe a parent.
"I think like any instrument, it's how people use it," Major said. "It's not the instrument that's bad. Potentially, it can be helpful for people if it's used correctly."
John Schroepfer, a personal banker at Wells Fargo, 204 E Grand Ave., agreed.
"They're very important when it comes to emergencies," he said of credit cards. "You have your parents, but if they can't float you the loan, at least you can support yourself."
He cited the example of needing to fix the car and not being able to get a hold of parents.
"If you have available credit on your credit card, you can take care of it right then and there," he said. "If your parents will reimburse you, great."
He said credit cards also are important because students who have one may learn to be more responsible with credit.
According to the Federal Trade Commission, a credit card can be more convenient to use and carry than cash.
Anyone at least 18 years of age who has a regular source of income may qualify for a card.
However, the commission warned that invitations from card issuers don't automatically mean credit will be granted - a person's credit report still must show he or she is a "good risk" for companies.
Fees, charges and benefits vary among issuers, according to the Federal Trade Commission.
Hence, it suggests shopping around for a card and comparing the Annual Percentage Rate, or a measure of the cost of credit expressed as a yearly interest rate; the grace period, or the time between the date of purchase to the date interest is charged; annual fees and transaction fees. Some issuers may charge if one uses the card for a cash advance, is late on a payment or exceeds credit limit.
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