• student ordering food
Managing Money
  • Credit Cards and Spending

    Money management and financial responsibility are critical for first-year students. Talk about credit cards including how to use them and allowable spending limits.

    Credit card vendors offer tempting incentives like T-shirts, phone cards and more to entice students into getting their cards. Parents are often disturbed by their students' willingness to complete credit card applications for such incentives.

     Understand that:   

    • College students aren’t in the best position to have credit cards as expenses are high and their income is very limited
    • It’s very easy to get into debt and often a difficult and slow process to get out of debt. It can take students years after graduation to resolve.
    • People often get a credit card to establish their credit rating, but high interest rates, late payment fees and other penalties can result in a poor credit rating.
    • If you get a credit card, pay the entire balance every month
    • Avoid charging more debt than you can pay monthly
    • Try some financial planning softwareto manage your personal budget
    • Consider an ATM debit/credit card as an alternative