Professional Documents
Culture Documents
DEBT 47%
2. Students are reliant on credit and appear to be living beyond their nancial means
3. About 50% of students dont know how much interest they are being charged on their debts
Interest on a store card is way higher than interest on your credit card Because I'll need to go to the store and buy some clothes when something important comes up and am broke.
5. Students feel that banks and retail stores are not responsible lenders
Retail 57%
I was tempted by the store after being offered a pre-approved card so clearly it means they almost randomly give away cards. They increase limits too often, and approve credit too easily.
Banks 54%
Banks don't really check if you can service the loan. I was given a student credit card even though I was unemployed and received no pocket money. They offer cards too easily and the more cards given at earlier ages the sooner you end up owing banks, making you forever indebted to them. Its like a cycle they have
created.
66%
60%
Budgeting
Investing
Saving
Loans
Credit cards
7. 33% of students feel its OK to default on a payment if they do not have money
Hey, if you don't have the cash you don't have the cash. So I make payments when I can. It's OK to default now and then, the lenders will understand.
8. Credit limits being offered to students are dangerously high in relation to their monthly income
Retail card limit 5% R200-R1 000 18% R1 001-2 000 23% R2 001-R5 000 22% R5 000+
9. Students feel that they are misinformed when it comes to credit agreements
Students want terms and conditions explained to them in laymans terms. They also want to be taught how to manage debt and expenses, i.e. what should be paid off rst and why.
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