Credit Cards and College Students
Many days the majority of mail delivered to our home is from credit card companies, promising us free airline tickets or a gazillion points we can use to buy stuff we don’t need for free, if only we sign up for their cards.
A lot of those offers are addressed to our college-aged son in an attempt to get him to use their cards for all of his college needs. It’s a slippery slope when you combine college students and cards: After they have used the “free” airline tickets, they may be facing enough credit card debt to affect their financial situation for years.
The American Financial Services Association Education Foundation, designed to educate consumers about financial issues, has released a list of six things college students (and other adults as well) should consider before signing up for any new credit card: annual fee, annual percentage rate (APR), grace period, cash advance, credit limit and other miscellaneous fees.
To help protect your student from possibly heavy debt, visit the foundation's site to learn more.