by Mackenzie Vaclav

“Welcome to the University of Akron!” Signs were everywhere on campus welcoming the freshmen class of 2016. Leaving the safe haven of my home and moving away to college I knew that every decision from here on out would be made on my own and my responsibilities were going to increase tremendously. Moving onto campus started a week before actual classes did so all the students would be able to settle down and get everything they needed ready for the first day of our new lives here.

Attending a university as big as Akron’s meant I was one of 30,000 students walking clueless on campus. Making my way to the center of campus stands were set up and people were handing out “free stuff” but in order to get anything you had to sign a piece of paper first. Little did most students know but they were signing up for a credit card with high interest rates and set boundaries for possible mistakes and errors when it came to spending.

My parents signed me up for a credit card the month before I came to school with strict rules for me to follow. “The $300.00 in there now is for books, you have to work and use your own money for any other expenses and help pay tuition.” While my parents ranted on about the  responsibility of my credit card I was just thinking to myself how convenient this piece of plastic was going to be, how cool I would look having one, and how much fun I could have purchasing online things now.

But little did I know that this little piece of plastic had the power to make or break my life, credit score, and future.

Growing up with a dad who is a financial advisor meant money was always a big topic around the house. He always made sure we would put some into the bank and save it and then spend the rest wisely. His method of doing this was for us to understand the value of a dollar.

Spending the past 19 years of my life with that motto from him left me rather scared when I got my first credit card. I didn’t buy a single thing for the first month that I had it, but once I made my first purchase a huge weight was lifted off my shoulders. Even with the pressure gone of buying my first purchase every other time I bought something I can imagine hearing my dad saying, “Be smart, Kenzie, limit your spending, and make sure you have the amount in your account.” Only having my account for six months I can proudly say that I did buy some pointless things but I didn’t let the power of endless money flow in my hand break me down and mess up my credit score.

Credit cards can be handed out to anyone who either possesses a state I.D or is 16 years of age and older. Providing young adults with something so powerful sends mixed signals to our society. Example A of parents not being strict with their children’s credit card is allowing them to get one at a very young age with solely no purpose. These children don’t have jobs to put money into the account and relay off of mommy’s and daddy’s income . . . well until the parents get the credit card statement and realize their child’s bill was off the roof and continue to allow their child to use it with no punishment. These children are set up for failure in life with their credit card score because they will never learn the responsibility of money and working for it.

Example B of parents range from setting up a credit card strictly for emergency’s and gas money to setting up an account for their college student to personally work for and place their own money in the account to pay for books, housing, food, tuition, etc.

My parents are a prime example of parent B and at first I thought I was going to hate them for making me pay for everything, and I did at first trust me . . . but once I got my money aspect and expenses figured I soon realized the value of my credit card and the value of my money. I work 14 hours a week, get paid minimum wage, and don’t spend cash unless it’s an emergency.

Coming across college students with that mindset is really rare. Most of the time college students will get too comfortable with the ease that the credit card provides them. They realize that they never need to carry cash with them, they can buy now and work later to pay it off, and that they can pretty much buy any purchase with a swipe of the card and a signature on a piece of paper.

With technology advancing every day and social media spreading worldwide it has made the mindset of being able to buy anything at any time a serious problem. More than 50% of college students have credit cards and of that 50%, 36% are in debt beyond belief. They have had their cards cancelled, frozen, are now living with awful credit scores, and cannot apply for a new card for almost 10 years. If children, college students, and even some adults claim they knew the power behind this piece of plastic why would they risk everything they had for that one purchase or purchases? The United States is in enough debt as a whole country that they don’t set a good example for us to follow but that doesn’t mean we cannot set our own and be different from the other million people out there.

Our society can improve our desire to buy and want everything with just a few set rules. For instance if we set up a stricter policy for signing up for a credit card, not allowing credit card businesses to sit on campus and get the students without their parental consent or help of choice of company. Next, we could create certain cards for certain purposes, if the child’s card is strictly for gas only allow the transaction to be accepted at gas stations. Finally, to avoid the financial downfall and debt that most of our country faces, the credit card companies could put an absolute freeze on the account once it reaches zero so that their customer wouldn’t be in debt and have to pay the high interest rate back.

Of course these suggestions are probably all long shot ideas but if one company started it and actually cared more for their customer then their own paycheck our society might see a change.

My personal bank PNC showed me this one on one. They have set up emergency text alerts to let me know when I have a low of $100 in my account, alert me about any large purchases made, and have an account over draft of only $100 before freezing the account to save me from debt. I believe that the rise in new technology is directly related to the use and abuse of credit cards today. College students such as myself might realize the power of the plastic card and all the things it can do to your life but until then, be smart with your money, credit cards, decisions, and really think your purchases through before you buy them.