College and Credit Cards: A Good Mix?

Is it a good idea for a college student to carry a credit card? Most people, especially experts, will tell you no. Simply put, it is widely believe that college students are not mature enough to carry a credit card. Instead of using this money for important items such as books, it is thought that they will blow their credit at the bar, on junk food, on clothes, etc. Does all of this make sense?

Just like any consumer, some college students can responsibly carry a credit card and others won’t make it a few days without messing up. If your college-age child is interested in applying for a credit card you should talk to them about this situation. Ask them why they want a credit card, what it will do for them, how they are going to use it, etc. You may open their eyes to the fact that applying for a credit card is not the best of ideas.

Unfortunately, most credit card companies don’t have any issue lending money to college students. They know that college kids spend money, and of course, they can hit them with high finance charges that are sure to work in the favor of the creditor.

It is hard to say for sure that all college students should stay away from credit cards. But one thing should be remembered: in order to carry a credit card, no matter your age, you need to be financially responsible.