Tag Archives: credit cards

How to Make Sure Your College Kid is Money Savvy

Probably the leading cause of failure in college relates to money problems. Unfortunately most kids that drop out of college to dig out of their money problems never go back, and end up badly sidetracked.
A good solution is the newly released Money Management Skills DVD, its something every college parent should get for their student. This 1 hour DVD, created by MoneyManagement101.com is designed to quickly teach college age young adults essential money skills.   Please note that CollegeTipsForParents.org was involved in the creation and sale of this DVD.
We  encourage  college parents to consider getting this DVD for their son or daughter.

In about one hour, this DVD will show your son or daughter how to smartly handle their money matters and stay on track at home and at college.

Samples of Topics Covered in the DVD:
How to stay out of credit card problems
Maintain your personal cash flow
How to stay financially focused and on track in college
How to Protect yourself on campus from ID theft, fraud and rip-offs
Plus many tips to avoid problems at home and college.
How to avoid excessive spending in college
Common money problems & traps that college kids fall into
Living within your means at College.
How not to get buried by excessive debt
Managing your bills

Important Credit Card Law Changes Parents & College Students Need to Know

Most American college students use credit cards. However, many young people don’t always handle them properly, and often face late fees, increased rates, and high balances. Many of the problems are due to a lack of knowledge, or simply not handling cards responsibly. Although many of these problems are the result of bad habits of young adults, consumer groups believe many of these issues are the result of practices of credit card companies. To help address this issue, Congress passed new laws to restrict the ways card companies handle credit card arrangements with consumers.

Credit card companies will be required to follow the guidelines:

The changes generally require credit card companies:
-to increase disclosures to card holders.
-to provide more lead time or advance notice when changing terms.
-to limit their marketing activities on or near college campuses.
-to require increased parental involvement in credit card activities of individuals under 21.

More detail of these new requirements and information on money issues affecting young adults and their parents are available on the website MoneyManagement101.org

Credit Card Debt is climbing on Campuses

Due to increasing costs of college and tighter economic conditions, college students appear to using their credit cards for basic living costs, as well as books, fees, etc.
Credit Card debt levels of college students are at a historical high. Unfortunately, the interest cost on credit cards is generally much higher than other types of debt, such as student loans.
One of the leading causes dropping out of college is financial problems. When financially strapped, students tend to work more hours at their PT jobs to cover their expenses and debt. Unfortunately, their grades can suffer, or they are forced to drop classes.