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Some Advantages Of College Students Having Credit Cards |
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It was scary enough to think of them driving a car at sixteen. Now they are heading off to college. Most parents are not worried about their teenagers getting their hands on a credit card the plastic of choice for college students. But should they have credit cards in the first place? It was scary enough to think of them driving a car at sixteen. Now they are heading off to college. Most parents are not worried about their teenagers getting their hands on a credit card the plastic of choice for college students. But should they have credit cards in the first place? It never fails. If you advice your child against something, they will want to do it even more. That goes for credit cards, too. College students are the newest untapped market. While they aren't children any more, they're not adults either. Since they can qualify for loans for school and financial aid, they actually represent millions if buying dollars. Applications are often given out at a college in exchange for putting the college logo or name on the card. It's a shame that there aren't instruction pamphlets given at the same time or a course on how to manage money. College students seldom remember that they have no income to repay those loans with their high credit limits and rates. The question shouldn't be if the college student should have a credit card but who should give them one. Most times they will get one even if the parents don't want them to. To avoid some of problems, the parent can supply the student with a card. A college student can be added to your own credit card. The card is issued to them with their own name but you keep track of what purchases are made. Start by setting some ground rules and see where it goes from there. If the student has been able to manage money before acquiring the card, they may be able to resist the temptation of using plastic. Make sure you review the statements with them monthly. You can do this in person if they come home on weekends or maybe over the phone if they are away attending school. Setting up payments helps to keep them accountable and they will need this guidance from you. Another option is to open a bank account and get a debit card. Your college student can use the debit card like a Visa or MasterCard. By adding a certain amount of money to the account each month, you are setting a "credit limit" for them. If they can manage the money in this account over a period of time, they could prove themselves ready for a credit card. College students may not realize the importance of a good credit score, but their parents do. In an attempt to keep their credit good, help them ease into the world of plastic by providing a proving ground of your own making to test their mettle. About the Author: Get an inside look at debt consolidation loans and other debt reduction methods & how they can help repair bad credit, on the Debtopedia website. Visit www.debtopedia.com for more tips and to get a free copy of my report Secrets Of Credit Card Debt |
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