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    Argumentative Essay

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    Credit card companies aggressively market to college students due to the profits that can be earned through high interest rates and fees on the debts incurred by students. Students are inundated with pre-approved credit card offers with low initial interest rates that later increase substantially. Many students do not consider the long-term costs of interest, and credit limits that are too high relative to income lead students to accumulate debt that impacts their education and future employment prospects. Some students have even committed suicide due to the stress of mounting credit card debt.

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    Argumentative Essay

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    137 views2 pages
    Credit card companies aggressively market to college students due to the profits that can be earned through high interest rates and fees on the debts incurred by students. Students are inundated with pre-approved credit card offers with low initial interest rates that later increase substantially. Many students do not consider the long-term costs of interest, and credit limits that are too high relative to income lead students to accumulate debt that impacts their education and future employment prospects. Some students have even committed suicide due to the stress of mounting credit card debt.

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    Credit card companies aggressively market to college students due to the profits that can be earned through high interest rates and fees on the debts incurred by students. Students are inundated with pre-approved credit card offers with low initial interest rates that later increase substantially. Many students do not consider the long-term costs of interest, and credit limits that are too high relative to income lead students to accumulate debt that impacts their education and future employment prospects. Some students have even committed suicide due to the stress of mounting credit card debt.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    137 views2 pages

    Argumentative Essay

    Uploaded by

    api-501580190
    Credit card companies aggressively market to college students due to the profits that can be earned through high interest rates and fees on the debts incurred by students. Students are inundated with pre-approved credit card offers with low initial interest rates that later increase substantially. Many students do not consider the long-term costs of interest, and credit limits that are too high relative to income lead students to accumulate debt that impacts their education and future employment prospects. Some students have even committed suicide due to the stress of mounting credit card debt.

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    Argumentative Essay

    1. What did you learn from this essay?


    This essay totally got my attention and made me know about something interesting, why
    do people called “athletes” that suppose love sports use biotechnological proteins to alter
    his/her body resistance? I mean, I really understand that they must have a strict diet, take
    vitamins or protein, but when they alter the body with the chemicals it does not make
    sense, the word “sport” lose their real meaning. This essay taught me that is much better
    to improve by yourself with a good diet and constant exercising, instead of taking drugs.

    2. Did the author prove his or her point of view?


    Of course, he did. He showed in several times his point of view about biotechnological
    methods when athletes are competing.

    3. What sources did he use to support the point of view?


    Website: Rudebeck, Clare. “The Eyes Have It.” Independent [London].
    Independent News and Media, 27 Apr. 2005. Web. 28 Feb. 2006.

    News: Jenkins, Sally. “The First Item in a Pandora’s Box of Moral Ambiguities.”
    Washington Post 4 Dec. 2004: D11. Print.

    Article: Lamb, Gregory M. “Will Gene-Altered Athletes Kill Sports?” Christian Science
    Monitor 23 Aug. 2004: 12-13. Print.

    Hooked on Credit Cards


    Hooked on Credit Cards Credit card companies love to extend credit to college students,
    especially those just out of high school. Ads for credit cards line campus bulletin boards, flash
    across commercial Web sites for students, and get stuffed into shopping bags at college
    bookstores. Why do the companies market their product so vigorously to a population that lacks
    a substantial credit history and often has no steady source of income? The answer is that
    significant profits can be earned through high interest rates and assorted penalties and fees. By
    granting college student liberal lending arrangements, credit card companies often hook them on
    a cycle of spending that can ultimately lead to financial ruin. Whereas banks require applicants
    for a loan to demonstrate a good credit history and some evidence of an income flow, credit card
    companies make no such demands on students. On campus, students find themselves
    bombarded with offers of preapproved cards—and not just on flyers pinned to bulletin boards.
    Many campuses allow credit card vendors to solicit applications during orientation week. In
    addition to offering preapproved cards, these vendors often give away T-shirts or CDs to entice
    students to apply. Students are bombarded on the Web as well. Sites with heavy student traffic
    are emblazoned with banner ads like this one: “To get a credit card, you need to establish credit.
    To establish credit, you need a credit card. Stop the vicious cycle! Apply for our student
    MasterCard.” Credit card companies often entice students with low “teaser” interest rates of 13%
    and later raise those rates to 18% or even higher. Others charge high rates up front, trusting that
    students won’t read the fine print. Some young people don’t think about the cost of interest, let
    alone the cost of interest compounding month after month. That back-to-school wardrobe can get
    pretty expensive at 17.9% interest compounded over several months. A $600 trip to Fort
    Lauderdale is not such a bargain when in the long run it costs $900 or more. In addition to
    charging high interest rates, credit card companies try to maximize the amount of interest
    generated. One tactic is to extend an unreasonably high credit limit to students. According to
    Nellie Mae statistics, in 1998 undergraduates were granted an average credit limit of $3,683; for
    graduate students, the figure jumped to $15,721. Nearly 10% of the students in the Nellie Mae
    study carried balances near or exceeding these credit limits (Blair). Another tactic is to allow
    students to maintain a revolving balance. A revolving balance permits the debtor to pay only part
    of a current bill, often an amount just a little larger than the accumulated interest. The indebted
    student is tempted to keep on charging, paying a minimum amount every month, because there
    aren’t any immediate consequences to doing so. Once a student is hooked on a cycle of debt,
    the companies profit even further by assessing a variety of fees and penalties. According to a
    press release issued by Consumer Action and the Consumer Federation of America, many credit
    card companies charge late fees and “over the limit” penalties as high as $29 per month. In
    addition, grace periods are often shortened to ensure that late fees kick in earlier. Many
    companies also raise interest rates for those who fail to pay on time or who exceed the credit
    limit. Those “penalty” rates can climb as high as 25% (1-2). Often students discover too late that
    they are thoroughly hooked. The results can be catastrophic. Some students are forced to drop
    out of school and take low-paying full-time jobs. Others, once they graduate, have difficulty
    landing good jobs because of their poor credit rating. Many students suffer psychologically as
    well. Even those who have parents willing to bail them out of debt often experience a great deal
    of anxiety and guilt. Two students recently grew so stressed by their accumulating debt that they
    committed suicide (Consumer Federation of Amer. 3). Credit cards are a part of life these days,
    and there is nothing wrong with having one or two of them. Before signing up for a particular
    card, however, college students should take the time to read the fine print and do some
    comparison shopping. Students also need to learn to resist the many seductive offers that credit
    card companies extend to them once they have signed up. Students who can’t “just say no” to
    temptations such as high credit limits and revolving balances could well become hooked on a
    cycle of debt from which there is no easy escape.

    Bibliography

    Blair, Alan D. “A High Wire Act: Balancing Student Loan and Credit Card Debt.” Credit World
    86.2 (1997): 15-17. Business Source Premier. Web. 4 Mar. 2001.

    Consumer Action and Consumer Federation of America. “Card Issuers Hike Fees and Rates to
    Bolster Profits.” Consumer Federation of America. Consumer Federation of Amer., 5 Nov. 1998.
    Web. 4 Mar. 2001.

    Consumer Federation of America. “Credit Card Debt Imposes Huge Costs on Many College
    Students.” Consumer Federation of America. Consumer Federation of Amer., 8 June 1999. Web.
    4 Mar. 2001.

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