College student need credit card?

Posted by admin on October 18th, 2007 at 04:17pm

Q. My 19 yr old nephew is wanting to get a credit card for

use when he leaves for college in a few weeks

Ive told him its a BAd idea. That they are not only

dangerous financially….. but will also just

“complicate” his life up at a time when he should keep

things simple and enjoy his college life and

experiences.

Do you all agree? If yes give me some replies back as

to why so I can forward to them via email.

I think that as long as the kid knows how compound interest works, and

knows that credit cards are used for convenience rather than credit,

there’s no harm in it. But it’s amazing how many college kids don’t

know how compound interest works.

A. - It’s even more amazing how many people don’t know that credit cards

generally use simple interest, not compound interest. But you point is

taken.

- Its getting harder and harder to get by without a “credit card”

However It need not be a fin

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