Some parents send their children to college with a credit card to use for “emergency” expenses and take full responsibility for the payment of the charges that will ensue. This, of course, makes sense, since the college student is not employed, more likely than not. Mom and Dad are often in for a big surprise when the bill comes in the mail.
It happens innocently, at first. “I need a software program to assist me with this class; I’ll use the credit card.” “I’ll pick up these supplies for my classes while they are on sale. Since they are on sale, I can double up on them, too. Mom will be proud of my thriftiness!” Then the not so urgent things begin creeping in; “Man, I am really burning the midnight oil on this project, I need a pizza to help me study.” “All my friends are going out on the town. I really want to go with them. Mom will not mind if I use the card this once for something not related to my school work.”
The good intentioned use of the card by the college student soon becomes an out of control monster. Fortunately, college student cards come with a reasonably low limit and a low interest rate as well. Although the college student cannot get into the same degree of trouble with their card as they would be able to with other credit cards, they can still max the card out with non-emergent charges.
For the college student that is footing this debt without the help of parents, this can be devastating. Now he/she will have the burden of not only his/her student loans, but of the credit card debt as well.
