Our Nation's Credit Card Problem

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because the credit companies are sending out cards by the buckets to
students.
Citicorp just spent ten-million marketing credit cards to high-
school kids. Sixty-one percent of all college students are carrying a card,
and thirty-two percent of those got it before college. However a recent
survey showed that fewer than thirty percent of the students polled could
say what interest rate they were paying on their cards. It's like not
knowing anything about guns and toting an Uzi. But the credit card
companies understand about teaching children habits that will carry over
into adulthood.
Now credit cards aren't the root of all evil, but we must look at
it realistically. The typical family is holding between eight and twelve
credit cards, and each card has an average balance of $1500. These were
accumulated by no more logic than just who sent them one. They are horrible
and dangerous financial tools. There are over forty-three million Discover
cards, over ...

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