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Borderline Division 1? How To Make It
As a former NCAA Division 1 Athlete, I have parents ask me quite often what their son or daughter needs to do in order to make it to the highest level of college athletics.
First, mom and dad need to know where they fit in the equation to...
Teaching Your Children with Coupons
Coupons can be a great tool in educating your child about saving money, being frugal, and shopping smart. Who doesn’t want their children to grow up knowing how to save easily on every purchase? With coupon clipping you’ll show them money...
The Identity Theft Epidemic : What The “Experts” Aren’t Telling You
Picture yourself walking down the street, all alone. It's late at night. It's a bit brisk, and the wind is blowing through the tall buildings on both sides of you. Suddenly, from out of nowhere, someone runs by you, knocks you over, grabs your...
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TEENAGERS AND CREDIT CARDS
If you have a teenage son or daughter you can be sure they are getting offers for credit cards. And while we all know how important having a credit card is in case of an emergency, it is just as important to make sure your child understands the responsibilities having a credit card brings. So take a few moments to talk to your children before they sign on the dotted line. Make sure they are aware of:
• The annual percentage rate.
• What is the grace period?
• If you are late how much is the late fee?
• What happens if you go over the limit?
• How is the minimum payment figured?
Then you need to set the ground rules. How is this card going to be used – for emergencies only, gas or for all general purchases? What is their spending limit? Who is going to pay the bill –will you each contribute and if so what percentage? Where will the child’s money come from –summer job or after school job? And if the latter, how will this affect studying, homework or participating in after school activities?
Most importantly, make sure your child fully understands that his payment history on this card and all future credit extensions will directly impact their credit report. Impress upon them the need to keep their credit score as high as possible, not only to help obtain additional credit when they need it, but to obtain the most favorable interest rates possible. Besides affecting their credit, they also should be made aware that their credit report can impact many other facets of their life; for instance their ability to get a job, get into college, get housing, or enter and remain in the Armed Forces. So before they assume the responsibility of accepting a credit card, make sure they fully realize the need to treat it with the utmost respect and are aware that, whether good or bad, their credit history will have a major affect on many areas of their adult life.
About the Author
The Credit Counseling Foundation, Inc
provides web-based education and personalized consumer credit counseling to clients
and the general public in an effort to help consumers use credit wisely. Visit
us at www.godebtfree.com
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