As you or your child, take the next glorious step towards the “real world”, there are several things that you must know. The world of money and finances can not only be terrifying, but life-altering. Getting the right information, early, is detrimental to the success of a smart consumer.
Credit is complicated. The concept is often misconstrued by those who do not take the time to understand its purpose. Many young people who receive their first credit card tend to look at it as the golden goose that, an infinite source of currency. Unfortunately, it is not. It is essentially a loan that must be paid back. If you don’t pay it back, more and more fees and interest will be incurred until you essentially pay more for what you bought, in the first place.
With the new credit card laws in effect, the credit card application age has changed from 18 to 21 years of age. This allows for students to gather more maturity and learn about budgeting before they apply for a credit card. Though some are not happy with the new limits, it may save millions of people from incurring so much debt before they can afford to pay it off.
Check out this article from MSN to find out more about what college students need to know about credit, loans and other financial needs.
Parents, though college is a time full of education and knowledge, most college students will not have an opportunity to learn about finances from anything other than experience. Don’t let your child fall into debt. Sit down and have a talk about budgeting and credit. Remember, when you cosign a loan, your child’s debt, is your debt.
Do you have questions about credit or your credit report? Visit http://www.icreditinc.com for FREE information and a FREE credit consultation.
Credit education starts with ICC! Innovative Credit Consultants presents must read information for consumers nationwide. ICC is devoted to making credit count! Get the right information about your credit report today www.icreditinc.com.
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