High interest tax loans, unsolicited live checks and oppressive contract terms aside, HSBC Finance Corporation has the ability to hurt your children too. In fact they are targets, and less likely to discover identity theft.
Lawyer Mark Miller caught the attention of the students when he told them if they only make the minimum monthly payment on a credit card with a $4,000 balance at 18 percent interest, it would take 45 years to pay off.
Another lawyer, Jeffrey Cawdrey, cautioned students that credit card companies aggressively market to them, hoping to lure them with offers of free T-shirts or other gifts.
“The credit card business is a business,” he said. “People who solicit you to take credit cards are not doing it because they are your friends. Why they are trying to get to you is to get interest payments. They want you to have balances that you carry over. That’s how they make their money.”
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