Armed With Plastic: Credit Card Rules for College Students
News from Fox Business:

Extra-long sheets—check. Shower caddy—check. Meal plan—check. Credit card…..

As incoming freshmen and their families prepare for their college journey, many parents will be handing their kid a credit card for the first time. Some cards may come with strict use rules like “only for emergencies” while others are more relaxed with “just don’t crazy, honey.” No matter the severity of the spending guidelines, parents need to institute clear rules and expectations so students establish good fiscal and spending habits.

A 2009 study from Sallie Mae showed that the average freshman owed $ 2,038 on credit cards, while the average senior owed $ 4,138. 

Under the CARD Act of 2009 , any one under the age of 21 cannot apply for credit cards unless they have a proven source of money (like a part-time job) or a co-signer on the account (presumably a parent).

Parents who co-sign on a credit card for their student need to understand that they are equally liable for payment of the debt, and that the account activity will be reported on both their credit report and the students, says Gail Cunningham, vice president of membership and public…………… continues on Fox Business

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