debt during university
sigs
Rep Points: 510
Am just worried about the current debt situation.Two of my cousins will start going to university within a year. What can we do to prevent them accumulating large debts during university ?
maybye you need to check the rule of the university and mostly ,control yourself...
get as many grants and scholarships as possible. Buy stuff wholesale for them like food and appliances.
[QUOTE=sigs;729]Am just worried about the current debt situation.Two of my cousins will start going to university within a year. What can we do to prevent them accumulating large debts during university ?[/QUOTE]
Tell them to stay away from the credit card companies that are allowed free reign to market to students on campus. A free t-shirt or lunch may seem like a good idea at first, but you will pay for it later when the cards start rolling in. See my debt story thread here
http://forum.destroydebt.com/your-debt-story/99-another-day-another-debt-story.html
for more info.
i agree. NO credit cards!!
what about a cosigned one with the parent so there is someone overshadowing the account and making sure it doesnt get out of control?
When I was in school I got as a job first to help pay for things in college. I was a bit busy but was glad I had the extra money to pay for things. If you get a credit card I would get a student one with a low limit. Like $500 that way you can use it for stuff but you won't have massive debt.
bono
Rep Points: 150
True, let them steer away of credit cards and encourage them to have a job on the side that wont take much of their time but will give them the opportunity to earn a little money.
Credit Cards for them is not the answer. An early age to have large amount of debts is a disaster. Let them feel how hard to earn money not the other way around.
[QUOTE=bellagirl;954]what about a cosigned one with the parent so there is someone overshadowing the account and making sure it doesnt get out of control?[/QUOTE]
When you are in college you don't need a parent to cosign for a card. What is to stop the student for applying for the cards themselves when they see all of their friends get multiple cards?
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