Student finance: SHould students get a credit card

Like any situation, there are pros and cons to whether or not college students should have credit cards. Bear in mind that, like anything major, everything depends, first and foremost, on whether or not the student is financially mature and responsible.

Statistically, about 76% of college students have at least one credit card; many have more than one. One of the major pros to having one is the fact that, if used responsibly, they can help young adults build credit. After college, having credit is very important, as it helps one get a car, a house, and other forms of credit. So, not having the credit that is accumulated by a credit card can be crippling.

Student finance: SHould students get a credit cardOf course, there are two sides to every coin. If the student is irresponsible with the credit card, It could lead to high debt and a poor credit score.

Despite this, credit cards also have many more pros. They guarantee protection in purchases, enable online purchasing, and guarantee relief in times of emergency. Knowing this, any parent can feel secure that their child is well looked-after.

Credit irresponsibility can also be addressed. If you, as the parent, don't believe that your child is responsible enough to handle a credit card, all you have to do is explain everything about credit and credit cards to them before they leave for college. You can explain to them how they will need good credit after college, and how to maintain that good credit through responsible credit card use. Explain to them where the money for credit cards comes from, and how to avoid identity theft, and how to use it responsibly and maturely.

Though the cons may be serious to owning a credit card, they can be turned into pros, as parents influence their children to credit card responsibility.