Author: Amanda Hess

Financial illiteracy in college

A recent survey on UVU campus shows that students are not comfortable with their day-to-day spending and even less confident about their major financial decisions. Students were asked how good they felt about their day-to-day spending choices such as which bank to chose, budgeting or managing a credit card. Chelsee Stone, a UVU student, admits that she feels uneducated when it comes to these types of decisions. “I could learn this stuff from my parents if I wanted to,” Stone said. “I think it would be good to take it in a classroom instead.” According to the 104 students surveyed, the average confidence of a student’s ability to make major financial decisions dropped to 3.27 from 3.85 on a scale of 1-5 with the day-to-day choices. UVU currently offers a Principles of Finance course through the Woodbury School of Business as a core course for the degrees offered within it. Daniel Diaz, a communications major at UVU, agrees with Stone that a personal finance class should become a general course. “I heard that some high schools are requiring a finance class for graduation,” Diaz said. “If they are making it mandatory in high schools, it should also be mandatory in college.” Diaz also believes that the economy as a whole needs to better handle their finances, which would also help out the nation’s current problems. “I’m surprised legislators haven’t...

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Credit Rates

Future UVU students may feel the effects of the new Credit Card Accountability Responsibility Disclosure Act that took affect last month to help protect consumers. As of Feb. 22, college students are no longer able to get credit cards unless they have a co-signer or can prove they have an ability to pay.  Credit cards also will not increase the limit of anyone under the age of 21 unless it is approved by the co-signer. To help ease the temptation, credit cards are not allowed to hand out freebies or other marketing on college campuses. “I don’t know much about it,” Andrew Jones, a communication major at UVU said. “I don’t want to be in debt, but I guess it will limit them better.” Allison Sego, a UVU student, thinks that these new laws limiting credit card approval and the increase of interest rates will help others stay out of financial trouble. “I have seen my sister and a lot of other people get into trouble with their credit cards,” Sego said. “I don’t think it is a bad thing.” According to creditcards.com, President Barack Obama wants to help Americans who “found that credit cards are a one-way street.  It’s easy to get in, but impossible to get out.” Sego said her mom wants her to get a credit card to help her grow up. “My mom wants me...

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