Citibank Bad Debt & Court Summons!

Sam, you are incorrect and correct.

"Personally, i don't buy the b/s that CC companies prey on college students: "

wrong. It is a targeted marketing effort to a group that may not necessarily have the financial savvy to understand the obligation as well as you may have had at the same age.

Free T-shirt, H2O bottle, discount coupons anyone?

"1. They are adults, old enough to have sex/marry, go to war, get a job. "

The designation of "adult" does not automatically make a person mature or responsible.

"2. They are most certainly responsible for their own actions, and its about time mommy and daddy lets them stand on their own two feet. "

A little bitter here, don-cha' think? Stop blaming the parents as well. If I had children, they would hopefully understand the financial realities of credit, however, if for some reasons they did not understand or messed up, I would step in and help to the extent possible. Credit is so very important, I do agree that educating people about it should be a key focus in some arena or another.

"3. I think its the responsibility of the parents,(since the government doesn't do this) to teach your kids what credit cards are, how to use them, and the consequences of improper use. Hell i think this should be a required course in school. "

I agree that credit education should be a priority, especially with so many companies that have predatory lending practices as well as the situation with young adults, specifically college students, and credit.

 

I think sam's grouchy today.

 

Sam,do not post again on this subject,Breeze has spoken.LOL.

 

Do as I say and no one gets hurt.

 

I agree Sam, I don't buy that either. To say someone "preys" on you is to make yourself a victim. And who wants that for themselves?

I don't want to alienate you, Marilyn, but it's a growing trend in our society to pass the buck and not accept responsibility for our mistakes. I got myself into $13K worth of CC debt because I was
D-U-M-B with credit, and it'll take 5 years or more of busting my a$$ to get out. I'm sure your daughter has learned the same lessons I have at the ripe old age of 24.

*jumps off soapbox*

All philosophizing aside, you've still got options on how to address this, and I'd take full advantage of the advice you'll receive on this board.

 

I agree with a lot of what has been said in this thread. However I do believe that the CC companies do have some responsibility in this as well.

How can they give an 18 year old kid in college a cc with a 5k or 10k limit when that kid has no job and no credit history.

It's plain and simple. Either they expect the kid to be responsible and not charge more than they can afford or they expect that their parents will bail them out.

 

Well, I'm no expert on the subject of who expects what out of whom, but I'd almost be willing to be that the credit card companies are betting that the parents will bail the kid out almost everytime, and I'm also willing to bet that it happens a majority of the time.

 

Sam, don't be mad at me for asking, but, did someone pee in your cheerios this morning?

 

Thanks, Ed. I am Linda from the "other board" Nice to see you here on creditnet. I think the wholesale blasting of a new person on the board is inexcusable. It is entirely possible to present one's obligations to pay in a gracious manner.

 

Before the self - righteous ones blast him, let me say, Ed is a bank officer.

 

nah. Im just mad that our education and parenting system so badly neglects credit. Matter of fact most of all the education system sucks imo. Sorry if i got riled up. I didn't mean to offend you marilyn. My beef is the lack of education our great nation gives..

we teach our kids to have safe sex, avoid drugs, drive sober, seems like somewhere a few pennies of our tax money could go to some financial advice.

 

marilyn,

I have just one more thing to add. I think you said that your daughter gave up her account number. She needs to close that account and open another. Or tell her bank that you suspect fraud and they should close it immediately. You do not want ANYONE collection agency (even citibank) having access to your daughters finances. Offer them a settlement and forget about the matter. Her credit is already trashed. However a judgement will hurt her for many years even after it is paid. Maybe YOU can get a payment plan like you said. That would be the best way to handle it.

That was more then one thing wasnt it?.....heehee!

Good LUck!

 

Citibank, MBNA, Etc.....they all set up shop on Campus when I was in college. They gave you free everything just for applying.

In fact, my first Citibank card was a 'Student' card...meaning you were AUTOMATICALLY approved on the spot for 300.00 with NO credit check. You just needed your student ID and proof you were taking classes. The limit raised up very fast. Mine was 8k in less than three years. And remember, I was in college with no 'real' job.

CC companies most certainly DO prey on college kids. No if's, and's, or but's.

However, most college kids are irresponsible with the cards. I was. We were never taught any different.

But to say the CC companies are not to blame at all is wrong.

Shawn

 

How are they going to teach them when half of the parents don't understand it themselves?

 

The course should also include asset management.

 

===Except for a point or two.===

 

And why don't I sucker you out of a couple of thousand?After all you can take a second job and pay me off.

 

Mr. brown:

You got that right. And on top of that, neither do most of the teachers.

They may do it because they learned the hard way that they had to do it most of the time, but it's more of a subconscious thing and they seem to think that it's so elementary that nobody ought to need teaching. And they usually don't...................................until it's too late.