Get Your High School Student Credit Card Ready
Even if you're still a high school student... credit card preparation looms in your future
If you're a high school student, credit card preparation may be far from your mind. If on the other hand your child is a high school student, you're probably well aware that before long, credit cards will become an important part of his life. And since it's never too early to start learning good habits, these credit card tips will help your kids keep their finances on track.
1. Give them practice
The reason so many high school student credit card disasters ensue following graduation is that students haven't had any practice managing their finances. It can be a very valuable experience for students to have a part time job that doesn't interfere with their studies. Failing that, some form of allowance (as opposed to a money-when-you-need-it policy) will help them develop spending control.
You can also give your high school student credit card practice with a secured card or gift credit card, which will allow them to experience the credit card method without getting into any serious financial trouble.
2. Make sure they're familiar with the facts
Identity theft and student credit card debt are rampant in today's society. Without scaring your kids, it's essential that you keep them informed and help them understand the simple safety tips that will help them protect their identity, avoid fraud, and dodge the massive debts so many students wind up with.
3. Set a positive example
If your kids see you paying with plastic with no sign of the consequences, they'll come to associate credit cards with "free" money (just ask a nine year old sometime what they think a credit card is). Hopefully your teenagers are astute enough to realize this isn't "free", but explaining how to budget your own money, spend carefully, and use your credit card wisely and safely benefit both you and your kids in the long run.
Remember, it's never too early to learn good financial practices. Make your high school student credit card savvy before it's time to learn the hard way.
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