There are many things you should talk to your kids about before they go to college. 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. One concern is finances, and in particular, student credit cards. Some parents don't even think about these, but they really should for many reasons.
For some reason, 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.
The first steps towards financial independence can happen in high school when kids get their first jobs. These are great because they teach them about money and savings, and how to manage spending. This might also prepare them for student credit cards because this will not be the first time they have to manage funds. 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 more than anything else. They also don't realize the long term impact something like this could have on their life.
If you want to talk about student credit cards with your child, remember that they are probably going to get them 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.
|
