Robert Manning, a professor of sociology at Georgetown University, conducted a survey of 700 college students from three major universities. He found students who drop out because of grades actually, in many cases, drop out because of financial debts so they can work. "What the students aren’t saying is that low grades are a result of the part-time jobs they have taken to pay off their credit card debt," said Manning. There is also a push for Congress to ban college students from being able to have a credit card because of Manning’s study. "Congress should pass legislation permitting only those minors with parental approval or sufficient income to obtain credit cards," said Stephen Brobeck, Executive Director of the Consumer Federation of America. "It’s easier for unemployed students to get credit than low to mid-income families," said Manning.
If Congress was to limit college students from getting credit cards it might have saved some like Lillefloren from being in debt. "I agree with Congress limiting some college students from getting credit cards. I was using one credit card to pay off the other credit card bills... It was a never-ending cycle," said Lillefloren. "I have good credit and I have had the same card for the past two years," said junior Lindsey Martin, "I think students should be allowed to have credit cards as long as they take responsibility for them."
But many VWC students say that they need their credit cards for emergencies. "I only use mine for emergencies," said sophomore Amber Olterzewski. "But do you know what I consider an emergency? When I am going to a club and I don’t have a new outfit." "I use my credit card when I run out of money," said sophomore Chad Auger." Using a credit card when you do not have money to pay it off is what Lisa Paternite, a VWC graduate, says is the number one thing not to do. "I never charged anything that I couldn’t pay off then. Don’t charge unless you can pay it off with cash if you had to. It’s just not worth it." Other current students share the same feeling as Paternite. "I have a credit card but I am scared to use it because I don’t have a job to pay it off with," said sophomore Kim Schone.
Many companies have come out with tips and ideas on how to manage your credit since many college students are not educated on financial responsibility. "With average credit card debt nearing $2,000, it is clear that we must continue to educate students about credit card use," said O’Toole.
Be R-E-S-P-O-N-S-I-B-L-E
Realize your financial dreams by setting short term and long term goals.
Establish a budget to manage income, expenses and savings.
Save money on a regular basis, even if it’s only a small amount.
Pay all your bills on time.
Organize your financial records for easy reference and tracking.
Notify credit card companies or banks immediately if your cards are missing or stolen.
Spend money only on items that you really need or want.
Increase your credit card payment about the minimum amount due whenever possible.
Build a good credit history now-you’ll need it upon graduation.
Learn from your past mistakes when making future financial decisions.
Educate yourself on financial matters through newspapers, magazines or advice from experts.
(According to Citibank’s tips on personal finance tips to students)
Tips for staying out of credit card debt from: Stay the Course: Nellie Mae’s Guide to Repaying your Student Loans.
If you are under 21 you have to pay more to get into most clubs in Hampton Roads. For example, on a typical weekend night, Peabody’s is free for 21 and up, $5 for under 21. The Abyss is $3 for legal drinkers and $5 for non-legal drinkers. Don’t forget that if you want to leave the club, you have to pay to re-enter, but not if you are 21.
It may seem obvious that legal drinkers get in for free because they will be spending money on alcohol, but it still doesn’t seem fair. Even more strange is the way they treat men on certain nights. In many Virginia Beach clubs females are permitted if they are over 18, but males have to be 21. We all know that clubs are just trying to make money, and a guy that can legally drink will spend more money than one that can’t. But isn’t it a little sexist if eighteen-year-old women can get into a club and eighteen-year-old men can’t?
Also, if clubs want women to attend on nights that are 18 and up, why do they brand us like cattle? I am referring to the giant black NO stamp that is placed on both hands and then sprayed with day glow ink so it will be illuminated under black lights. As a public service to our reading audience, I’d like to warn anyone who thinks it is cool to wash off the NO or the black X that club personnel might put on your hand, DO NOT DO IT. It might feel dorky to walk around with the word NO on your hand. But it’s even worse to be kicked out of a club by a bouncer because your hand is no longer stamped.
But there is an upside to not being legal. While the cost may be higher to get into the club, you are saving a lot of money in the long run. Legal club goers pay big bucks to be able to drink at clubs $2.50 for a beer, $3 for a shot and $4 for a mixed drink. All of those beers and Jell-O shooters add up, and by the end of the night those drinkers’ pockets will be a lot lighter than those under 21. Being under 21 has its advantages and disadvantages. It’s up to you to decide which path is best. Some find it better to save money on overpriced beer, while many legal drinkers love to get their kicks by drinking and dancing.
As for me, since I just recently turned 21, I am enjoying going home with my pockets light.