Finance Quick Answers
I have children in college and need some financial tips. Any suggestions?
A friend and I were discussing her experiences at the Orientation weekend for her freshman year in college. Of course she mentioned the dorm room, professors, high tech library and cost of text books and tuition. She also mentioned the large number of booths set up by credit card companies who were giving away T-shirts to students setting up accounts.
As college students everywhere are hitting the books,
credit card companies are aiming for their wallets.
Eighty percent of college students have at least 1
credit card and nearly 1 in 4 of college students have
credit card debts between $3,000 and $7,000.
If you have a family member in college, clip this
article and send it to them. Use it to warn them that
their choice to use credit cards at college is the start
of their credit history for a lifetime.
While we're on the topic of college students and
money, put a paper shredder on your list of gift ideas
for your family's college coed.
Since when did a paper shredder find its place on
college student gift lists? When identity theft became a
problem on campus as well as for any consumer. Many
people are shredding all those solicitations that come
through the mail each day containing personal
information which may be stolen.
College students also receive too many credit card
solicitations and pieces of mail with their social
security numbers printed on them - all of which should
not just be tossed in the wastepaper basket. Providing a
paper shredder for your college student just may save
them a bad experience with identity theft.
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
Last update: Tuesday, July 15, 2008