The powers that be at Indiana University have decided to go cashless in the interest of facilitating the expeditious exchange of funds at football and basketball games.
What’s that mean?
If you want to buy a ticket, purchase a parking spot, or satiate your appetite at the concession stand, leave your dollars at home and fill that wallet with plastic.
Let me be clear, this is not an obstacle for yours truly. In fact, it may very well save time and trouble.
What’s the concern?
Some college students are teens. Many are unfamiliar with budgeting and the fundamentals of financing.
Simply handing someone a piece of plastic to satisfy immediate desires is convenient; however, it is potentially problematic when the bill comes due. High interest rates complicate the matter and can create a deep and discouraging rut for the young debtor.
At a time when youngsters (and their parents) are pleading to forgive student loans, it would seem prudent to make certain they don’t dive more deeply into debt.
This Issue is not exclusive to the younger generation. The national debt was just more than $400 billion when I began college at IU in 1972.
Today, it has ballooned to more than $30 trillion. Obviously, meticulously managing a budget is no meager task.
Bad habits are hard to break.
Here’s hoping going cashless won’t further complicate our propensity to bite off more than we can chew.
Bob Bridge welcomes comments at 812-276-9646 or bbbbbridge@gmail.com.