College Kids with Credit Cards – WATCH OUT!!
Watch the short news story linked below and see how I feel about new college kids with credit cards:
Consumer Bob – NBC 7/39 – visits KCBQ & KPRZ studios to get GQ’s opinion on college kids with Credit Cards.
At a dinner meeting last night a long-time friend of mine jumped on me and said “Your kids are gonna hate you” – “What, no Credit Cards for Gary’s college kids?” “Gary want’s his kids’ passwords?” – He had seen me on Consumer Bob’s TV report on NBC 7/39 saying that college kids don’t need a credit card.
New college kids need to focus on studying. Maybe a Credit Card after their freshman year. My son Ryan was interviewed by Consumer Bob too and he wants to be responsible and build credit. That’s great. If he can get his own CC with a small limit and be responsible – GREAT!
I see too many parents who give their kids a joint CC with mom or dad – or worse a mom and dad card! That’s just CRAZY! That $25 dinner charged on the card will take a long time to pay off – remember he or she won’t even see the bill for a month.
Great credit is very important. Teach correct principles – over time, kids will learn . . . well.
Parents Co-signing on loans?
Most important part of Bob’s interview is me answering Bob’s question: “Should a parent co-sign a loan with a child?” My response . . . NEVER EVER EVER!
That’s my opinion.
GQ