debt during university

I have a son who recently completed college, he strongly feel that every young person should have a credit card. He feels that they should try to establish credit before they get out of school. I agreed somewhat, but I wonder if they are responsible enough.

Young people starting college should not have credit cards. They should wait least until they are settled in college. I think they will have to many other things to worry about less lone bills.

I've known students who used their student loans to take cruises, to rent expensive apartments, and then had to get credit cards to keep them going until they graduated. They assumed that they would get a job that would pay them a lot of money and that they would get out of debt quickly. They graduated during a job slump, were lucky to get a job at all, and were trying to pay off $50,000 or more in credit card debt. They had already ruined their credit rating at 22.

Parents who are helping with expenses need to make it clear to their children that all funding will stop if the children start running up credit card debt and wasting their loan money. They need to stick to their guns, too, and be willing to cut the students off. If their children have to quit school and move back home, they should be charged rent and given a shelf in the refrigerator for food. If they are old enough to incur debt, then they are old enough to pay for all their own needs.

Most of the young people I knew who ran up a lot of debt had assumed that their parents would pay it off for them.

[QUOTE=darin33;1683]I have a son who recently completed college, he strongly feel that every young person should have a credit card. He feels that they should try to establish credit before they get out of school. I agreed somewhat, but I wonder if they are responsible enough.[/QUOTE]

I agree with this. It's a good chance to build credit if the student is responsible. It just depends on the student.

I got my first credit card at 18. I was getting ready to start college in the fall and that's the time the credit card companies like to offer young people cards. I still have that card. I've always maintained excellent credit.

I've been tempted to sign up for credit card offers, but I'm usually in a rush to go somewhere that I don't have time to sign up for them anyway. Lol.

I saw sooo many friends get in trouble with credit cards in college. They were buying a lot of stuff they couldn't afford. I felt bad for them, but they were just stupid.

[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]
No wonder about that because i'm also still in debt with my loan when i'm study at university. But after i got work. I think all my loan will be solve because i already draft my schedule to pay all my loan for 1 year. If not, how can i buy car and house if i cannot settle this small loan first?

Better for them to get sponsored by their parents, instead of to get the student loan which will bring them into debt. If the parents not afford to do so, ask them to apply for the scholarship from governmental body. Credit Card is one more thing for them to beware of. Never go into trouble to use the Credit Card during study period.

I will just tell my story when i was at college. I did Try out in A scholarship in the form of sports o am not used to that certain one but did manage to learn it. At the same time i do this simple business to make money and fund my allowance, What i am saying is to be creative and think of ways to genertae money it is not the age that matter to earn cash, It is just the way you think. This days there are many online activities top make money iy you want to earn. Or do business that you are well versed. Sky is the limit.