Teach your high school student about responsible credit card use before college

High school students who are headed off to college may be strapped with student loan payments for the duration of their stay, so it's vital that parents teach their kids about financial responsibility before they head off to school. A credit card may be a necessary addition to a student's financial planning, but allowing debt to accrue may lead to bigger problems down the road.

Paying off a credit card regularly during college is a great way to build a solid credit rating foundation that can help students receive important loans in the future. But if a student is paying off a loan on top of having a credit card, this could be a lot to manage on his own.

Parents should encourage their kids to make a budget for each month. Lay out the most important things like loan payments, food and other school expenses, and make sure that they keep track of their credit card expenditures.

College can be an expensive venture, but it is also a time where students can learn helpful financial habits that will benefit them for the rest of their lives.  

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