Credit Cards as School Supplies?

May 6th, 2008 at 03:09pm Larry Messing

Recently, I have been hard at work preparing my son (and my wife and I) for his going off to college. As a junior, he is deep in the midst of taking the big step, although right now he thinks it is light-years away, which means I am doing much of the initial work.

As I began to register on a website which provides resources for students looking to enter college, I came across an interesting option you could sign up for:

“Receive information regarding college and scholarship-related products and services, such as student loans, test preparation, essay help, credit cards, and discount textbooks”

It made me think. Are credit cards considered as college or scholarship-related products or services? So does this mean that our high school junior and seniors are getting pushed for credit cards before they even enter the hallowed halls of their university?

First, a few tidbits of information:

-More than 48% obtained their first credit card prior to entering college
-By the Sophomore year of college, more than 55% of students possess one or more credit cards in their own name
-Students are more than three times as likely as adults to be at least 90 days delinquent on their credit card payments

I agree that a credit card can often be helpful for a college student looking for ways to purchase $200 biology text books, but we must provide them with the tools needed to use this credit wisely. Otherwise, textbooks and emergency food will be competing for socializing and “emergency” beer.

Teach your kids now. Let them know these skills before the big need and want decisions are in front of them. The first day after college is hard enough without a mountain of debt greeting you at the start.

Entry Filed under: Uncategorized