Credit, and borrowing in general, is kind of iffy for college-aged people.
Some of us are responsible. But it's safe to say some among us aren't fiscally savvy. Either way it's a dangerous endeavor.
That's why the U.S. government saw fit to protect us with legislation that took effect this week. Basically, the bill reserved credit card responsibilities for those older than 21; those students under 21 can still get a credit with parental approval.
Ball State University will put credit card readers on about two-thirds of its vending machines this spring. This makes snack time more convenient, but also could cause trouble for some students.
Most of the people using cards on the machines will use debit cards which pose no borrowing threats. But a few bucks here and there falling through the cracks are likely to hurt students' bank accounts when using a card to buy a bag of chips.
On the other hand, small vending machine purchases could help build up credit. Applying for a loan after college may be hard for someone with no established credit.
Caution and responsibility are how people can avoid getting in trouble. As some of us know, debt can be crippling. We took our free T-shirt to sign up for a credit card and get access to "free" money. A new TV, a 10-pound bag of gummy bears, a surfboard? Ring it up.
There was a time when using a credit card to buy consumables — food or concert tickets, for example – was considered stupid. Borrowing money to pay for groceries? How fiscally irresponsible. Older generations are probably baffled by the move, believing credit should solely be used to buy assets.
The future is coming. Soon we'll eat our food in pill form, our cars will fly, everything will look like the ‘80s in neon and money will be on plastic. Cash won't exist. Banks won't have to lock their vaults. Kids will have to buy their drugs with a card. Dealers will have to lug around card readers to poison the youth.
It couldn't hurt to learn to respect credit's usefulness and avoid the risks that could destroy your financial life.
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