For years now the credit card companies have been bombarding school students with offers of credit. All that will change on Feb. 22, 2010 when new legislation goes into effect. Pre-screened offers and « tangible gifts » like free tshirts and water bottles will not be granted.
In an even bigger shift , anybody under the age of 21 will have to co-sign on credit card applications. The one exception to the rule is any one who can present an independent means of repayment.
These types of laws serve to protect young people who do not totally understand the ramifications of credit. The rampant offers of credit cards for college or university students would have to be slowed.
Nevertheless now it’s important that parents step in to teach their kids how to responsibly use credit. And since so many of the lessons of the FTC, we have not been able to make any mistakes.
Consider credit cards for school students. Hardly anyone would expect a 16 year old to get when driving through a herself and spontaneously know how to drive. We all recognize the danger in this situation. So we sit in the passenger’s seat and provide pointers.
All of us have a parking lot. We could even sign up for a lesson from a driving instructor. While a student credit card might never get someone killed, if misused it has the capacity to make life much more difficult.
Get the time to teach your children using a credit card while you’re still in the passenger’s seat with them. When you receive your monthly payment statement, call your kid and discuss what the various numbers mean.
Becoming a credit card does not happen without practice. Credit cards for school students are the perfect tool to help youngsters learn these valuable life lessons.
Related Terms: Credit Card Credit Card, Bad Credit Business Credit Card, Bad Credit Credit Card, Bad Credit Credit Card, bad credit card, bad credit card, bad credit card, bad credit card, Bad credit personal loans, bad credit loans, bad credit personal loans, bad credit loans