David Bach

It's just tragic.

It shouldn't be like that.

When I went to college, there were three credit card companies that met us, all the kids, in front of our dorm.

And when we were handed our student ID, there were three different lines.

One was to get a dictionary back in the day when you had dictionaries.

One was to get a sweatshirt, and one was to get a bike lock.

And you signed these forms, and then they turned around and they gave you a credit card.

And so we were a dorm full of 18-year-old kids that instantly had three credit cards each.

And then guess what we did?

We went out and used them, right?

Yeah.

And so by the time I was a junior, I was thousands of dollars in credit card debt.

I came out of college with $12,000 in credit card debt.

It was the first real financial hole I started my life in.

And I had to learn how to get out of credit card debt.

And that shouldn't have happened.

The credit card company shouldn't have been allowed on campus.

I have a 15-year-old son today that I went for a hike with, and I was explaining credit card debt to him.

And I said, you know, James, the thing that people don't understand when they get credit card debt is that if they make minimum payments, and I was explaining to him what a minimum payment is, because you don't have to pay the whole credit card off.

You can just make a minimum payment.