CREDIT CARD DEBT: The ever continuing dilemma...

Three people that will make good sources for my news story is The Consumer Credit Counseling Service of MD&DE, Terri Hall the Associate Vice President of Campus Life, and a friend of my brothers, Bryce Komoroff.

Bryce is 20 years old, and lives in Brooklyn, NY. She is currently a junior at University of Delaware, and is Women’s studies major. At an early age Bryce had always had an interest in traveling, and sightseeing. Her story begins at the age of 18. Bryce had begged her parents to send her to Australia and New Zealand through a teen tour program. Four fights, three sore throats, and two tantrums later, Bryce finally got her wish. Her parents did not want to send young Bryce off to another country with hundreds of dollars in cash, so they decided to get travelers checks.

Bryce did not know what traveler’s checks even were, but she did know that she saw a club on campus offering applications for credit cards. Bryce thought to herself, “Using a credit card would be a lot easier then using these traveler checks, I know nothing about.” Bryce stated, “They made it very easy and appealing to apply for a credit card. I signed a couple of papers, and a few weeks later my credit card was waiting for me in the mail, begging me to use it.”

The next thing you know Bryce is on the other side of the world, credit card in hand and blazing. “I don’t think I even used any of my traveler’s checks,” Bryce states. “I used the credit card pretty much for everything I purchased. Food, clothes, souvenirs, you name it I bought it, and all with my credit card.” Bryce had come back from her trip with memories, experiences, and a $2,000 credit card bill. “I don’t even know how I spent that much, I was only there for two weeks!” Bryce exclaims. Being only 18, Bryce at the time did not even think that a $2,000 bill was a big deal. “My parents had always asked me for the credit card, but I brushed it off.”

Over the next two months, Bryce had used her credit card for every little thing she bought. Gifts, new wardrobes, shoes, and bags, were just some of the purchases she made. By the time Bryce’s parents put a stop to her shopping spree she had already racked up $5,000 in credit card bills. “It never hit me while using the credit card that I actually had to pay it back. It just felt empowering taking out my card and getting what I wanted, without having to hand over any cash,” Bryce says. Over the next week, Bryce’s parents cut up her credit card, and put her to work. “Because I couldn’t pay my bill all at once, in the end I would be paying more then I actually spent, and I don’t even want to get started on my credit. I was never able to pay my bills on time, so when I applied for a loan for school in my name I was turned down several times.”

Bryce now, being a little smarter with her credit card purchases, learned a valuable lesson the hard way. She currently only has one credit card, and knows the consequences if her spending got out of hand. “I have a job, and a bank account, and that makes it a little easier to manage my money. I always keep track of what I am spending, so I can actually see in paper what I am spending my money on.” When asked if she had any advice for students in the same situation she replied, “Don’t be stupid, because you will be paying in the end, and it will be much more then you want to be.”

The main point of my news story will be about colleges, and universities pushing credit cards on students, and letting organizations come on campus and try to lure students in to applying for credit cards.