Don’t borrow money then. 🙂
Don’t like a CC card, cut up the card and say no thank you.
First, it is not a credit card debt… read the article. It is $400k in student loans & fees/penalties against the student loans. The actual amount that was student loan debt was $230k. The jump went from $270k to $435k in 4 years.. without any additional loans.. just fees. This is where the problem is. It also violates the law because the amount that is fees is in excess of statutory limit of 36%.
It is fine to be able to enter into an agreement with all eyes open.. but the student loan lenders abuse the system and the students taking out the loans. They violate the terms of the law and of the loan. Students have a hard time defending against this type of practice, they are forced to make a decision to pursue legal action or complete their degree.
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I wasn’t suggesting it was a CC card. I was comparing this to folks that take out on a CC without reading the T&C. Anyway, why was he sent to a collection agency to begin with? That’s my question. I have to wonder what the other side of that story is.
