Many creditors target college students
POSTED: Thursday, August 29, 2013 - 6:48pm
UPDATED: Sunday, February 16, 2014 - 2:49pm
Tyler, Texas — While many kids head to college to make better lives for themselves, sometimes the costs that come along with it can be overwhelming.
This is bad news for students but great news for creditors who need customers.
Many times students feel like credit cards will be a quick fix, they're easy to get and even easier to use.
Some students will get many credit cards, not realizing the interest could leave them with a lifetime of debt.
Jose Feliciano of Feliciano Financial Group explains, "I mean just an 18% interest rate on a credit card can double your debt every four years. You want to not start off your career in debt and then the next thing you know you feel like you're in a rat race for the rest of your life."