Bad credit reduces individual freedom

In an effort to teach students how to be credit wise, the University’s Student Government Association will hold a Credit Management Seminar Thursday at 6 p.m. in the Grand Ballroom.

The department of Economic Development and the 34th Student Senate’s Organization and Finance Committee are sponsoring the seminar.

Carrey Goins, the senate’s OFC chairperson said the organization is hosting the event “most importantly to get awareness that credit is something that is very important.”

The guest speaker of the seminar will be Chuck Adcock, the chief executive officer of the Florida State Credit Union. He will provide practical monetary management tips for students, give guidelines on how to consolidate debt and how to budget your money, and explain what a credit score means.

Financial Aid representatives for the University are also scheduled to attend, and will give students information on how to pay back student loans in a timely manner to avoid a financial burden after graduation.

In addition, tips will be given for upperclassmen on how to fix mistakes they may have made in their credit history. The seminar will allow students to have an open forum and discuss different ways they have successfully managed their funds.

The Department of Economic Development and the OFC are trying to make students more aware of their financial decisions and the effect it will have on their life. Missing one monthly payment will go on an individual’s credit rating and can stay there for up to seven years, according to

A person’s credit score can be accessed by many organizations and can be a factor in obtaining car insurance, getting a job and renting an apartment.

“People don’t realize that bad credit can stop you from getting a house one day. It can even stop you from getting a job…they might reject you because of your debt and bad credit history,” Goins said.

College students appear to be credit card companies’ No. 1 target market. Many companies set up tables in high traffic areas and lure students to sign up by offering giveaways such as T-shirts, water bottles and mugs.

Because incoming students are flooded with offers, SGA is trying to decrease the amount of first year students who sign up.

“Many students will owe money because of loans… we don’t want students to get cards now, and owe thousands of dollars later when they graduate” said Department of Economic Development secretary Adrian Jordan.

According to Robert Manning, author of “Credit Card Nation,” many students get into trouble with credit cards because of four primary contributors: the extension of unaffordable credit lines, increasing education-related expenses, peer pressure to spend and financial naïveté.

Members of SGA hope the credit management seminar will help alleviate that problem and help students avoid the credit trap.

Ryan Morand, Mr. FAMU, said he was fortunate enough to have interned with Capitol One, Inc. for two summers.

“I was very educated on the dangers of credit cards, but most students don’t understand the magnitude of credit card debt. This is an important seminar for students to attend,” Morand said.

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