The credit card companies monitor the paying ability of students and low income people very closely, the credit ratings are decided based upon their records of payments.
I distinctly remember my first credit card, I remember the sheer joy I felt that day
My weekly earning was $60, my monthly expenses were $400, I had promised myself I would not ask money from my parents to sustain myself.
I got a card with limit of $600.00, that card kept me afloat till I got an job as a gas station attendant
I am sure there are millions like me who wont like them to be squeezed out of retaining some sense of selfrespect b'cos some irresponsible kid cannot understand the value for money.
I am with you 100%
Vineet you probably were born and raised in India until certain age. your views on value of money was different. My first credit card had limit of $300. It was also blessings to us. We always have used credit cards with great maturity and responsibly. While kids who are born and raised in US when they enter their colleges they are given credit card applications and get one right away. Lot of them do not know money management at all and value of money either. That is where I have problem with the irresponsible people who are not earning and putting charges on credit cards. If they don't earn they can't make payments either. It has become a bigger problem in last 15 yrs.
If one is smart and responsible credit cards can benefit them but if one is not responsible than it can ruin their credit period.
Anupamaa
Kumkum Bhagya
