Student Credit Card Advice
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What to Tell Your Kids Before They
Go to College
When your children are heading off to college there
are many things to talk about. Most of these
things should be discussed long before that, but some
wait. Things like sex, personal safety, and drugs are
often discussed, and should be at the forefront of
concern, of course, but there are some other things that
might make a huge difference in your child’s life and
will impact them for years into their adult lifetime.
One concern is finances, and in particular, student
credit cards. Some parents don’t even think about
talking about the plastic monster, but they really
should know the lowdown on the inherent dangers of
relying on plastic to get through college for many
reasons.
It is a well known fact of college life that student
credit cards are pushed on college kids quite often.
They may run into these at many events, and often they
are offered a free gift for signing up. They are rather
easy to get, and many students end up with them. Student
credit cards aren’t necessarily a bad thing, but they
could spell trouble for the student that is not prepared
for the responsibility of having money to spend that
they have yet to earn. This is why it is a must to talk
with your children about them before they go.
Credit cards should really only be used in a pinch and
only for small amounts of money that can be paid easily
at the end of the month. Otherwise it can get out
of hand real quick for the full time college student.
The first step towards financial independence can happen
in high school when the kid gets their first job. First
jobs are great because they teach teens about financial
aspects of life like money and savings and how to manage
overall spending. This definitely helps to prepare them
for student credit cards because this will not be
the first time they have to manage money. A child that
has not had a job yet, or earned money in any way, is
going to be more likely to abuse student credit cards.
This is simply due to a lack of experience handling
money properly. They also don’t realize the long term
financial impact something like this could have on their
credit and therefore their future life.
If you want to talk about student credit cards with your
teen, remember that they are probably going to get a
credit card whether you like it or not. I remember being
issued one in college when I had no source of income
what-so-ever. They are very easy to get, as companies
hope to find customers that will stick with them far
beyond college. Let your child know the dangers of
abusing student credit cards, and the important
information they need to know about getting and keeping
good credit. You can’t control what they do, but talking
with them about credit cards can make a difference in
their choices down the road when you are not there to
help them.
We always advise caution when dealing with credit
cards and hope that you as parents can also advise your
children to use their money wisely, even if it is just a
plastic card. Those electronic dollars really add
up!
Also, it is a good idea for students to get a part
time job whenever possible in college. It makes
things much easier when it comes to staying out of debt
as a student.
Charge Credit Cards
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