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Consumer Update

Kids and Credit Cards  

If your kids are off to college, they will receive dozens of preapproved applications for credit cards. 83% of undergraduates hold at least one credit card.

Be sure to share these important credit card tips:

  1. Credit card purchases are not free. With a credit card, you are buying now and paying later

  2. Credit card officials are keeping score.  If you pay bills promptly you will get good credit scores and can often get good interest rates on car loans and home mortgages.

  3. There are cheaper ways to get a tee shirt. A free tee shirt or a Frisbee is no bargain if you have to sign up for a credit card with a $25 annual fee, an interest rate in the high teens and a short grace period.

  4. Credit cards are not all the same. Learn what an annual percentage rate, a grace period, a spending limit and other credit card terms mean.

  5. Carrying a credit card balance is costly. Let your child know that he or she will be assessed interest once the grace period is up.

Source: National Foundation for Credit Counseling

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Last revised: 08/21/08		 Find an Office