it is also a good idea to agree on what can be charged on the card
Oklahoma, OK (PRWEB) June 11, 2017
Credit card use is a topic that concerns a lot of parents when it comes to their college-bound children as discussed by National Debt Relief. The article released May 3, 2017 and titled “Should College Students Own Credit Cards?” shares some insights on how to manage credit card use of older children.
The article starts off by explaining that it is a stressful time for parents when they have children going to college. This is because this could very well be the first time their kids will be on their own. That being said, finances now becomes a major concern and a lot of parents are thinking about giving their kids credit cards.
The article shares that one way to do accomplish this is to make their children an authorized user on their own credit accounts. This makes it easier for the parents to monitor the activity on the card. Their children will be given a different account number so it is easier to review the summary at the end of the month.
It is also a good idea to set boundaries early on even before they set off for college in terms of credit card use. One way in doing this is that parents need to set an amount that will serve as a limit to what they can charge on the card. This way, they can still guide their children and let them know that their credit card is not a magical piece of plastic they can use every time they want to.
The article also shares that apart from a limit on the amount their children can use on the card, it is also a good idea to agree on what can be charged on the card. Would it be for books and other school needs? Is it to be used for emergency food money or even clothes and other needs? The important thing is to agree on these so parents and their children can manage expectations.
To read the full article, click https://www.nationaldebtrelief.com/college-students-credit-cards/