All of you parents of children coming to age

[catmandu57]

Before they leave the nest, especially college bound youngsters, now is the time to teach them some common sense about credit.
They're going to be assaulted with credit card offers, and the temptation to make unnecessary purchases like tacos, pizza, or the latest fad is going to come their way.
Soon, there won't be any easy outs, being in a position of having creditors after one now is bad, before long it's going to be a nightmare.
Credit cards have their uses, and somethings are unavoidable and call for their use, they should be treated as a last resort, not as ready cash.

[SmokingJacket]

1. It's been a brief crazy run for credit cards.

When I was in college in the 80's, hardly anyone had them. The idea was that only people with full-time jobs were responsible enough to have them.

And if I recall, they weren't THAT easy to get, either.

We'll have to go back to that way of thinking.

[catmandu57]

2. Very quickly

I went to college late, and when i graduated it was just starting, credit card companies were actively recruiting on campus, they're going to swarm now looking for fresh meat.

[Career Prole]

3. And unfortunately they're finding it.

Consumer Borrowing Jumps in January

[trogdor]

4. Some colleges are kicking them off campus.

I heard the SUNY system is among them.

[Warpy]

5. In the late 60s and early 70s

the credit card companies would mail out actual approved credit cards to students. All a kid had to do was call an 800 number to get them activated. You went to college as a freshman, you got a credit card in the mail during your first week. That only stopped when the oil shocks hit and Carter had to jack up the prime rate higher than the rate credit card companies were charging. That's when they got picky, the late 70s.

Working stiffs like me were the ones who were shut out of the credit card game back then, something that ended up doing us a real favor.

The best lesson you can teach your kids is the lesson of class: the rich will always try to give them a little less than it takes to live comfortably on, then provide them with an easy way to go into debt. It's been this way through history. Shoot, it's how they destroyed the egalitarian and democratic Saxons during the middle ages.

Being poor and free is a helluva lot better than being in debt. Make sure they realize that.

[cally]

6. I recommend this for folks learning about finances

It's designed for students heading off to college. I got one for my daughter and I'm working with her to get organized and learn about finances. We've had many discussions about credit card debt.

Anyway, this is a great tool (no, I have no affiliation with this company):

www.captio.com

[kcass1954]

7. Dealing with this right now...

My son is 18, but still in HS. He got a credit card, even though he has NO JOB. How does this happen?

Okay, the credit card came and I realized what it was and just set it aside. I haven't given it to him or told him about it. We've talked about credit, and he's a bright kid, but I'm not sure that it has sunk in yet just how much financial trouble he can get into.

The credit card companies continue to give easy credit even as they charge exhorbitant interest rates and fees and then pay off their peeps in Congress to pass this completely anti-American bankruptcy legislation.

My husband and I are working hard to dig our way out of ALL of our debt, not just the credit cards. We have one payment left on his truck; my next car will be a cash purchase. We also hope to have our mortgage completely paid off before the end of the year. We're making the sacrifices now so that we can be completely debt-free by the time we retire in 10 years.