If You Get Offered a Credit Card on Campus, Maybe You Better Run
Scott Gam, the founder of HelpSaveMyDollars.com, writes a personal finance blog that we like.
This week he turned his attention to yet another kind of predatory lending that targets college students: credit cards. (And you thought that high-interest loans were the only bank products that could raid your pockets, right?)
Here’s what Scott had to say in a recent post . . .
“ . . . if you see credit card companies on your campus, stay away! Most colleges have their own credit union, which offers credit cards to students at much lower interest rates than the ones available at a marketing booth from a credit card company. As an incoming college student at NYU's Stern School of Business, the credit union I use, the NYU Federal Credit Union, offers a credit card to NYU students with an interest rate of about 7% - much better than 25% at a regular bank.”
Scott often blogs that credit unions do a lot better than commercial banks do when loaning money and making credit available to students.
Thanks for getting our back and looking out for students, Scott, and thanks for writing. We’ll be following what you have to say.
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