Credit Cards And College Kids, A Bad Combination?
(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