Your Credit Cards Guide

UNITED STATES — Before you send your child off to college, you might want to sit them down and discuss the dangers of credit cards. Many unsuspecting students fall prey to credit card debt because they lack the proper education regarding financial responsibility. It’s also the reason why big credit card companies camp out on college campuses.

Though college students can’t legally apply for a credit card without parental consent unless they are 21 years old or older, that doesn’t mean that credit card companies aren’t allowed to market them on college campuses. Why is it so easy for credit card companies to hang out on college campuses? Most colleges receive a monetary kickback for their kindness. In fact, the Penn State Alumni Association received more than $4.2 million in marketing dollars in 2010.

Don’t assume that your kids will be taking a college course on financial responsibility and credit cards. Teach them the rules before they leave the house. From the look of things, colleges prefer having big credit card companies on campus.

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