...Eliminating Student Debt Bonnie Heath COM/156 August 29, 2010 Lori Wilson Eliminating Student Debt What I hope to accomplish in this paper is to show the reader that because of the predatory practices and shady deals with the different schools, credit card companies should not be allowed on campuses marketing to college students. The level of debt in society today is high enough and credit card companies do not need to be targeting college students just to increase their number of customers. Even though they should be allowed to market to college students because it is a good way to learn about credit cards and how to handle them responsibly, credit card companies should not be allowed on campuses to market to college students. College students already have enough debt as it is if they do not receive scholarships or help from their parents, and college students, fresh out of high school, do not know enough about personal finance and personal credit to be responsible about credit cards. I happen to agree with this statement because when one thinks about it, college students who do not have scholarships or help from their parents are already in enough debt as it is. One argument for credit card companies being allowed to market to college students is credit cards are a way for students on their own for the first time to establish a good credit score, which then can be used later in life to obtain loans for cars or homes. Credit card companies market to college students in the...
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...Credit card companies should not be on campus marketing to college students Credit card companies love college students. They are the prime prospects of credit card companies. There are a couple of reasons they like to get you. First, they have a strong hunch that your parents will bail you out if you run up your credit card bill. Second, you have a long credit life ahead of you. This means lots of years of interest payments for the credit card companies. In the past, credit card companies were so hungry for college students; they approved applications even when students didn't meet the criteria. For example, a college student could get a credit card with no job, no verifiable income, no credit history, and even without a co-signer. Recent changes to credit card law now require credit card companies to verify a student's income before giving a credit card them a credit card. Students without income must get a cosigner to qualify. If you see a credit card company on your campus, they've likely paid your college administrators a fee, sometimes millions of dollars, for the ability to market credit cards to you. Colleges also get a kickback from every credit card opened and sometimes a percentage of charges made. Credit card companies pay to sell credit cards to students because they're banking on students making up for it in interest charges and fees. Expect to see credit card company representatives on or near campus giving out free stuff for credit card applications. Law prohibits...
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...Credit Card Company's Marketing to College Students Credit Card Company's Marketing to College Students The credit card companies marketing their products to college students on campus leads to debt, money management, and unnecessary stress. Ultimately, when they first obtain a credit card they feel some sense of empowerment. Most young adults have typically never had the responsibility of paying bills and managing money compared to an older mature adult. College students should be focused more on receiving their education than dodging creditors on campus looking to inflate their sign up numbers. Getting a credit card too soon can lead to problems down the road. Credit “is no longer considered an earned privilege. It’s now considered a social entitlement and the screening criterion for applicants is weak” (Manning, 2001, p. 157). So a student just signed up for a shiny new piece of plastic with a low to fair credit limit and a very high interest rate because they are considered high risk. If they do not work or have any others sources of income, they can find the trap of debt before they know it. Once the debt piles up, it becomes very hard to recover with no job and no plan in hand. Manning (2001) explains “Credit card companies encourage fantasies of easy money because students are so profitable. Teens have financial naiveté, high material expectations and responsiveness to relatively low-cost marketing campaigns, high potential earnings, and future demand for financial...
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...I. Credit card companies should not be on campus marketing to college students College kids and credit cards have been news lately, following a June 1999 report by the Consumer Federation of America (CFA) that blasted card issuers for luring unsuspecting students into debts. Sociologist Robert Manning, the author of the CFA study, was quoted in a Reuter’s story as saying: “The unrestricted marketing of credit cards on college campuses is so aggressive that it now poses a greater threat than alcohol or sexually transmitted diseases.” Most news stories took cues from Manning and touted the risks of credit cards on cash for students. By National On-Campus Reports, 6/15/2005, Vol. 33 Issue 12, p 34-35. II. Credit card companies target college students into applying. The now commons practice of card companies’ offering students credit cards is being portrayed as a way to lure students into an addiction to pilling on debt they can’t handle. Banks have become more aggressive and creative on luring college students to apply for credit credit cards. College students have been targets to banks for years because he or she does not have any financial obligations. Most of the nation's major credit card issuers are aggressively marketing unsecured credit to students (in their own name) through advertising, direct mail promotions and on-cam-pus recruitment, with giveaways like compact disks, mugs, candy bars, calculators, sunglasses, credit card-sponsored concerts, discounts on airfares...
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...Should Credit Card Companies be on campus marketing to College Students? Brandie Olivier Com 1 172 Gennifer Marconette April 13, 2011 Credit Cards are an amazing piece of plastic that can change your whole life in an instant. A case in point Tom Meitner a student at the University Of Wisconsin has a balance of 8,000 dollars in credit card debit still to this day. That’s why growing up it was always said that if you really need to something than pay with cash, Otherwise you really don’t need it. I wish that when I was younger I would have been a lot smarter with the knowledge that I have now have with Credit Cards. I wish I would have used a lot of the advice that I got when I was younger maybe today I wouldn’t be in the debt that I am in now. This is why I feel that Credit Card companies should not be able to go on campus and market there product. Credit Card Companies should not be on campus marking to college student. This idea is case in fact used to teach young kids who were going into adult hood to be wise with money and to not get caught up in the world of plastic. When you are going from High school to College you are at a stage in your life that the credit card companies yearn for. You are at the starting age of adult hood that is able to take on the responsibilities of everyday life. You have an opportunity of going away and leaving home to embark on the new experiences...
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...Credit Cards and College Students Many students in college are taking out student loans to pay their expenses; add credit card debt to the mix and it is just a bad situation. Almost every college student has seen the ads for credit cards. Credit cards are a way of life for many people. Americans are already bombarded with ads for the latest and greatest credit cards. Is it really necessary to market them on college campuses as well? Many believe that advertising on campus just leads our youth into the same lower credit score issues that past generations have had. People in college may not understand the responsibility that comes with having a credit card, how to use it properly, or know how to read the fine print, and none of this will be taught by the credit card companies that are advertising on campus. Advertising credit cards on campus is only going to increase the amount of debt that students have once they graduate from college and get a job. College students, ages 18-25, do not necessarily have the experience to determine what constitutes an emergency thus producing an irregular need to use a credit card. Many see a credit card as free money that they only have to pay back a little at a time instead of seeing it as a loan. At this age, many are just leaving home for the first time and want to enjoy their freedom as much as possible; they see credit cards as a way to have more opportunities and more money to have fun. What they do not realize is the time it...
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...the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper, but remember that your instructor's preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability in this area is limited. NOTE: WritePoint comments are computer-generated writing and grammar suggestions inviting the consideration and analysis of the writer; they are not infallible statements of right/wrong, and they should not be used as grading elements. Also, at present, WritePoint cannot detect quotations or block-quotes, so comments in those areas should be ignored. Please see the other helpful writing resources in the Tutorials and Guides section of the Center for Writing Excellence. Thank you for using WritePoint. Although many Americans may believe that marketing credit cards to college students on campus is setting the student up for financial suicide. There are ["There are" is an awkward phrase if "there" is not clearly a location] many advantages to students whom obtain them. I. Obtaining credit cards helps students build credit. A. Your [Eliminate second person (you, your) in academic documents...
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...Graduating from college, obtaining a first job, repaying student loans, and trying to make it in today’s economy are enough for a graduate to worry about. Credit card marketing on college campuses is one way to damage a college student’s financial future. A study was done on TrueCredit.com showing that one out of four students will leave college with $5,000 in debt, and one in ten leaves with more than $10,000 in debt. Credit card companies need to offer these students not their product but even short classes or seminars about their product and how to use it responsibly. But I think schools should draw the line at letting credit cards companies set up on the campus promising financial freedom to young adults with two dollars in his or her pocket. Complicating the matter is the fact that matter is the major universities have partnerships with credit card companies to market cards with the school’s name and logo on the card. Credit card companies prey upon young freshmen as potential clients due to the inadequacy of the knowledge of the knowledge of what entails with a credit card. College students tend to apply for as many cards that will be given. There’s still the thought of more is better. As their first form of independence as an adult, they feel that they shouldn’t ask for advice. This is sometimes what the credit card companies rely on. When a student realizes that his or her grants, money from others, etc. will not cover the high cost of tuition and supplies, they will...
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...Credit Cards Companies Marketing On College Campus Appendix B Credit cards companies should be on campus marketing to college student. Credit cards companies should go to campuses and have a discussion on the rights to full accurate information. Right under the equal credit opportunity Act, Characteristics: such as race,sex,marital status, religion, age, origin. However, it’s not against the laws to day to deny credit based on income and credit history. Once it was common for women to be denied credit, many women were without access to credit at all. Today, lenders can’t consider either marital status or gender; it’s much easier for women to obtain credit and establish a credit history than it once was. Equal credit opportunity Act prohibits lenders from requiring financial success in knowing how to manage consumer credit advantage and disadvantages allows you to spread the cost of more purchases. Advantages-Buy now, pays later, this type of advantage as long as you can afford payments without sacrificing other worthy financial goals, cash vs. credit. Disadvantages: are overspending, higher premiums, and pay more than the purchase, difficulty in purchasing a home because high consumer debts.. The more you borrow the worse your liquidity and debts ratio look. Bad credit hurts more than your ability to get a loan. Employers and landlords check your credit before during business with you. Types of credit are Open-end credit also, called revolving credit is...
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...Financial Services Rebrand Campaign By Jennifer Grant and Chad Lacey Traci O’Neill Integrated Marketing Communications Montana Tech of the University of Montana March 7, 2013 Media Planning and Buying In an effort to maximize effectiveness of our media planning and buying strategy, we are targeting the following consumers: 1. Adults with a credit score of 750 or higher that seek a rewards program that wishes to maximize returns on use of credit cards. 2. Adult, college-aged students who have no credit that desire to build a credit history. Geographically, we are targeting these consumers in the United States with a special emphasis in all major metropolitan areas. The timing of our campaigns will be fiscal year-long beginning in 2014. However, higher frequency bursts will be delivered to target audience members: 1. For students, we will increase frequency at the beginning of fall and spring semesters with a follow-up prior to summertime. 2. For others, we will create more frequent burst during major, celebratory holidays, and prior to summer. The vehicle selections we have chosen are thought to be the most effective in reaching our target audiences at a national level: 1. Magazines – Choose publications that are read by our audiences. For savvy adult consumers, we would advertise in business, financial, and other high end magazines. For students, we would choose outdoor, fitness, and fashion magazines. We would use a continuous strategy to maximize...
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...Executive Summary College tuition, housing, and miscellaneous expenses are a major expense for all students no matter what college you attend or the type of financial assistance, loans, scholarship, and grants one may receive. Another expense that students must worry about is the price of college text books. Although books are very crucial part of learning in college, they are beyond over prices and not all students can afford to purchase them. There are abundant of reasons why textbooks are so expensive. A primary reason why students cannot afford these text books because they are over price, especially of one decides to purchase their books from the bookstore on campus. It is clear that colleges do not care about the welfare of students because college is simply a business. They are only concern about the best way to make a profit off of students. College books are expensive but college students need them to learn the material for the classes they are enrolled in but there are many ways you can save money on books. The solution to this problem is E-bookology. E-bookology is a web based book company that is worldwide to all college students who have access to the internet. Students will be able to purchase text books in electrical form online for affordable prices. E-bookology is a company that works primarily for the benefit of students, and to make a profit second. College students should be able to get their books for affordable prices and E-Bookology is will to provide...
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...recommendations on how the manager, Michelle Jefferies, should act going forward. This case started back in the 1980’s, where by the end of the decade the traditional markets for credit cards had become saturated. The middle and working classes already had their plastic of choice and it was time for credit card companies to start looking for alternative ways to bring in revenue. Their solution was simple; in 1990 there were nearly 14 million undergraduate students enrolled in colleges across America. That number was projected to grow as we neared the turn of the century, and it would naturally replenish itself with new students every year. This “new to credit” market was virtually untapped and would provide card issuers with a huge opportunity for growth in both short and long-term areas. If the company could hook college students on their specific brand of credit card, i.e. Visa, MasterCard, American Express, etc., they hoped to secure them as life long, brand-loyal customers. The big companies used very aggressive tactics to secure college students as card users. These companies would go to the universities and strike a licensing agreement, so the card companies could use the college logos on their cards. They never ran a credit check, or even asked how the student would be able to pay off their expenses. They manipulated the students into signing up for credit cards by offering free t-shirts and mugs with the college logo on them. However, not all banks were operating this...
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...market are accurate, and this information is essential to the success of the non-profit organization. I recommend we use interviews and surveys to obtain the attitudes of the students in regards to drinking and driving. A great tool to use for surveys is http://www.surveymonkey.com. Since we know our target market is well connected using social media, we will be able to promote the survey online via social media websites and by posting some flyers around campus encouraging students to take the free survey. Interviews can be conducted on campus with approval from the university. It would be no trouble at all to request permission to attend a few psychology classes and interview a couple of students about their opinions on drinking and driving to be sure that the information collected is correct. During the interviews, cards can be passed out with the survey website information. Social Media Specialist Concerns In order to obtain credibility and establish some reference groups within the college campuses, we should begin by targeting the fraternities and sororities that belong to the universities. These established reference groups will ensure an accurate collection of information from some easily identifiable groups. Students connected with these groups are supposed to be role models for the colleges and the communities that they are connected with, so they are more likely to be willing to assist with our organization’s mission. Groups like this will be able to help us...
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...Young Consumers Credit card use: disposable income and employment status Joshua Fogel Mayer Schneider Article information: To cite this document: Joshua Fogel Mayer Schneider, (2011),"Credit card use: disposable income and employment status", Young Consumers, Vol. 12 Iss 1 pp. 5 - 14 Permanent link to this document: http://dx.doi.org/10.1108/17473611111114740 Downloaded on: 26 November 2015, At: 00:30 (PT) References: this document contains references to 29 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 2151 times since 2011* Users who downloaded this article also downloaded: Downloaded by Universiti Selangor At 00:30 26 November 2015 (PT) Arpita Khare, Anshuman Khare, Shveta Singh, (2012),"Factors affecting credit card use in India", Asia Pacific Journal of Marketing and Logistics, Vol. 24 Iss 2 pp. 236-256 http://dx.doi.org/10.1108/13555851211218048 Zafar U. Ahmed, Ishak Ismail, M. Sadiq Sohail, Ibrahim Tabsh, Hasbalaila Alias, (2010),"Malaysian consumers' credit card usage behavior", Asia Pacific Journal of Marketing and Logistics, Vol. 22 Iss 4 pp. 528-544 http://dx.doi.org/10.1108/13555851011090547 Wendy Ming-Yen Teoh, Siong-Choy Chong, Shi Mid Yong, (2013),"Exploring the factors influencing credit card spending behavior among Malaysians", International Journal of Bank Marketing, Vol. 31 Iss 6 pp. 481-500 http://dx.doi.org/10.1108/IJBM-04-2013-0037 Access to this document was granted through an...
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...Books4Hire.com is an internet base company that leases books to high school, college and graduate students at a fraction of the cost of new books. The company’s mission statement: Books4Hire.com will be a website not only where students can lease their books for less, but it will also be a website where parents can lease books for their children as well. The main plan for Books4Hire.com is develop a successful website that puts Books4Hire.com into the book industry as one of the main source for book leasing. As Books4Hire.com gets popular and business continues to grow, expansion will veer towards creating more programs. We will take our customer feedback very seriously and continue to improve our services. The target market for Books4Hire.com will be students both male and female. The competitors would be at a minimum since there are no other companies out there that offer the same specific service as Books4Hire.com. Pricing will be competitive to ensure we give customers the best possible deal when leasing their books. Books4Hire.com will obtain deals with publishers to guarantee that they get themselves along with their customers the best bargain for their buck. Since Books4Hire.com is a website base company, the main channel of distribution would be the internet. Books4Hire.com has developed a great approach to promote the new service of their company. They have decided to use the guerilla approach, reciprocal and vial marketing. After the Books4Hire.com has...
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