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Credit cards are ideal for college kids. It is a way of checking all the expenses made by them; this is since it is not advisable for them to have cash when they are living with other people. Most of the time, college kids are not that responsible yet. And this sometimes makes it not the right time to give them a credit card. And so, how can you balance the credit card account of your college kid?

If they are not managing well their accounts in terms financially, they can simply succumb to a lot of student debts. Well for that reason, the credit cards offered to most university students are really lower. Because many college students are not properly managing their debt, they tend to declare bankruptcy right after their graduation. The purpose of this article is to give you some tips on how you can deal with your college kids as well as his credit cards.

Initially, you need to explain that having credit cards has a full responsibility. They must know that if he is spending too much with his credit card, you will not the one to pay for it. He needs to find other ways to pay his balance; maybe by looking for a job or selling his own things, like his car for instance.

Secondly, explain to your child that if he wants to apply for other credit cards, he must consult you first. This is actually important, for the reason that most credit card companies provide presentations at different universities. Freebies for the student are offered once they signed up with high-interest rates. Since your child is fond of the freebies, he will not be aware for the other charges such as annual fees and other hidden charges of the credit card. He will also think that using his credit card will not be brought to your attention. If so, your child will have many credit cards with outstanding balances as well.

Thirdly, you should allocate a monthly spending limit to your child. Around $200 is a good limit including his food. You need to give him an account book, probably a small one, so he can list all his expenses. And last, reiterate to him that the remaining balance he has should always be seen in his account.

Indeed college can be the proper times for us in learning our mistakes, however, make sure that a credit card issue is not included. Regularly check your child and his credit card or he will end up for nothing.

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Jeff Deutsch is a personal financial consultant and contributes to this website. To read about New Jersey jumbo mortgage and jumbo mortgage rates NJ please click the preceding links.

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