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Absolute Debt Solutions Founder Offers College Students Valuable Advice on Credit Card Debt
Plano, TX (PRWEB) January 10, 2008 -- Tom Bates, Founder and CEO of Absolute Debt Solutions, is offering insights to both parents and college students on predatory lending practices on campus. Bates says lenders target students by offering them their first credit cards, but these cards come with very high interest rates. Bates is highly critical of colleges that allow these lenders on campus.
"These predatory lending institutions are met with open arms by college officials, says Tom Bates, Founder and CEO of Absolute Debt Solutions. "By allowing them on campus, it's as if the college is sanctioning them and their use of high interest rate credit cards. In most cases, these debts will never be repaid."
In addition to the high interest rates charged to students, Bates says, they soon find out not only are the monthly payments carrying a high interest rate, but in most cases, it will cost them to make their payments both online and or over the phone. Some of these charges can range from $5.00 to as much as $20.00. "Can students on a budget really afford this?" asks Bates.
Unfortunately, affording higher education has become much harder, a trend that has been reported in the San Francisco Chronicle by noted business columnist David Lazarus. He says more and more students are being forced to take out private loans to attend college.
The amount loaned to students nearly tripled between 2001 and 2006, from $6.1 billion to $17.3 billion, according to an annual student aid survey released by the College Board and cited by Lazarus. That's because the cost of attending a public university has risen 35 percent after adjusting for inflation. Meanwhile, federal loan amounts have stagnated, so as a result, many students have turned to private loans. And, Lazarus notes the trend is especially dangerous because such loans almost always carry a variable interest rate and lack the protections offered by federal loans.
So, on top of many students taking out private loans to attend college, they are being preyed upon by lenders offering very attractive first time credit cards, says Bates. With an interest rate at an average of 18% and a balance of $1,000.00, making the required payment would take 21 years to pay, and over $1100.00 in interest. "That is a 200% return to the predatory lending institution at the expense of the student," says Bates. And, on average, that $1,000.00 is much higher. When the average student graduates, that student is joining the work force already with $6,000.00 in credit card debt.
Bates says that real financial education starts in the home. He urges never to leave financial planning for college up to any school or lending institution that has brochures at the financial aid office. And if the funds aren't all there, to exhaust all the federal aid options first. After that, parents must be prepared to co-sign on those private loans, something that could have severe repercussions for years to come.
About Tom Bates
Tom Bates, IAPDA, CDA,CDS, is President of Absolute Debt Solutions and Absolute Credit Repair Inc. He has spent the last 13 years in the credit and finance industry, managing and directing some of the largest receivable companies in the world. Bates has developed a program that has proven results far above the competitors. He is IAPDA Certified (International Association of Professional Debt Arbitrators). Absolute has one goal in mind, your best interest. Absolute also offers additional discounts and services for active military and those with special medical needs. For more information, please visit www.absolutedebtsolutions.biz.
Contact:
Tom Bates
IAPDA Certified Debt Arbitrator/Debt Specialist CEO
Absolute Debt Solutions Founder & CEO
Absolute Credit Repair Founder
1- 877-255-6069
tbates@absolutedebtsolutions.biz
http://www.absolutedebtsolutions.biz
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