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Why is Credit Card debt bad?

JEDI

JEDI

Lifer
I'm taking a public speaking class, and I have to give a persuasive speech.

I'm going to choose the topic: Credit Card debt is bad

Target audience: college age students

Suggestions on what to say, and links?

THX!

 
For college students?

If they want a cool ride after they graduate with a pimp job, and their credit rating shows they have a bunch of debt from credit cards that was paid continually late, they won't get a loan for a fscking Yugo.
 
1) It costs tons of money to carry the debt when there are much cheaper methods to borrow money.

2) It can hurt your credit score when there are methods that won't hurt your credit score.

3) It can prevent you from getting a job.

4) It can ruin relationships and families.
 
Majority of credit card users are irresponsible in their spending habits, so with available credit they'll make purchases they otherwise wouldn't have.
Most college students don't have a well-enough paying job to pay off credit card bills they'll accumulate.
Lowers credit rating.
Costs more money in the long term.
 
Originally posted by: BigJ
Majority of credit card users are irresponsible, otherwise CC companies wouldn't make any money.
Click to expand...
False. The interest on the debt only covers the expenses to loan the money and the defaults. Often, CC company profit is entirely from the store charges.

 
It's money the person does not have in the first place, it teaches people it's okay to get stuff they have not earned yet.

Also look into people making minimum payments and just how longand how much it takes to pay off a $10,000 credit card.
 
Originally posted by: dullard
Originally posted by: BigJ
Majority of credit card users are irresponsible, otherwise CC companies wouldn't make any money.
Click to expand...
False.
Click to expand...

Ahh damn it you're right. I forgot about the fees they receive from retailers. Son of a b!tch.
 
Originally posted by: BigJ
Majority of credit card users are irresponsible, otherwise CC companies wouldn't make any money.
Click to expand...

nah, the credit companies make money on each transaction.

also, majority of people that carry credit card debt (and go into bankruptcy for it, amongst other reasons), have that debt because it got them over a bad spot (medical emergency, loss of job, etc), not because they went on shopping sprees at bloomingdale's.
 
Originally posted by: ElFenix
Originally posted by: BigJ
Majority of credit card users are irresponsible, otherwise CC companies wouldn't make any money.
Click to expand...

nah, the credit companies make money on each transaction.

also, majority of people that carry credit card debt (and go into bankruptcy for it, amongst other reasons), have that debt because it got them over a bad spot (medical emergency, loss of job, etc), not because they went on shopping sprees at bloomingdale's.
Click to expand...

See edit, I just realized my mistake 😉
 
Originally posted by: BigJ
Originally posted by: Zanix
Paying $45 for a $20 item over 8 months? It's not self evident?
Click to expand...

What the hell kind of interest rate is that? Not on any credit cards I know of.
Click to expand...

Yeah, I just made all that up. I guess it wouldn't be bad if you didn't have the 20 spot up front. The price you pay I guess.
 
You can get some good info from a guy who is adamantly against debt from www.daveramsey.com.

So glad I have nothing left but a small amount of student loan debt after following this guy's program. I feel so much better about my money.
 
There are 2 reasons it's bad:
1) High interest rates (compared to other loans)
2) Encourages spending money you don't have, and you cannot afford to spend.

There is a fine line between Credit Card "debt" and just plain old Credit Card.
 
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