Credit Cards And College Kids, A Bad Combination?

credit cards

(Memphis) If you’re sending a child off to college in the next few weeks, you may want to think twice about allowing them to get a credit card.

While federal law now prohibits credit card marketing within 1,000 feet of a campus, it’s likely that students will still be solicited elsewhere.

It’s also against the law for marketers to use freebies like t-shirts and magazines to convince your child to sign up.  In addition, anyone 21 or younger must have a co-signer.

Arkansas Attorney General Dustin McDaniel recently issued a consumer alert on the topic.

If you and your child choose to get him or her a credit card, here are some helpful tips:

  • Make more than the minimum payment
  • Make monthly payments on time
  • Don’t respond to every credit card offer

Filed in: News, On Your Side

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