Consumer Protection Advocate Mike Bannon joined Chris Ermer on UpWords to discuss how college students are going to school starting as soon as next week.
“It truly is a critical time,” Bannon told Ermer. “When a student goes off to school, whether they’re going off to school or staying at home and going to classes, it’s usually the first time they lay the groundwork for financial responsibility.”
Bannon warned credit card companies like to take advantage of the naivety of the college-bound bunch.
“Students start getting a lot of credit offers that are bogus or not very good at all or entrap them in some way with high fees,” Bannon said. “We also see a lot of housing problems for students going away to college too. Do your homework on your apartment, students get hit with a lot of fees.”
Some credit card companies place merchant tables on college campuses to lure in unsuspecting students. This practice has been outlawed on some campuses but not all.
“Sometimes they take advantage of students because they don’t know how to navigate and complain through the system,” Bannon advised. “And sometimes the system is not too friendly either for the students.”
Make sure your college student is aware of the responsibility and risks that come with trying to building credit.
Catch more consumer protection tips Tuesday afternoons at 1 p.m. on UpWords with Chris Ermer right here on WBCB 1490.