Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Educate college students on responsible credit card use

This time of year many recent high school graduates are preparing to head off to their first year college. This endeavor will present a student with lots of new challenges both academic and otherwise. While students are well prepared to meet some of those challenges, others could benefit from some guidance. One of those areas may be how to use a credit card.

Readers may be thinking that using a credit card is easy. And it’s true, it is--perhaps too easy. Accordingly, it is a good idea for parents to be a part of securing that card and educating their children about when and on what it should be used. Students who create good habits in college will establish good credit which will benefit them later on in life.

There are several routes that a parent might go to help their child secure a credit card. While some will opt to add their child as an authorized user on their own account, others will co-sign on an account. In other cases students may be able to secure a credit card geared specifically toward those who are in college. Others will go with a secured card which requires a cash deposit.

Whatever the type of credit card secured, parents should take the time to educate their children on good practices. In addition to talking about the importance of paying a bill on time, a young person should also be taught about the benefits of keeping a balance low. Besides being easier to pay off, keeping debt below the 20 percent mark of the credit extended to them, will contribute to a good credit score.

When a young person, or an individual of any age for that matter, finds that he or she is overwhelmed with debt, they may have options. Sitting down with a bankruptcy lawyer is generally a good place to start.

Source: Fox Business, “Getting Your Student a Credit Card,” Jeanine Skowronski, Aug. 19, 2014

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map