How to Inform your Student about Credit Card Debt
by: Tom Tessin

As a parent or an elder that wants to teach your future or current student about debt, you sometimes find it frustrating to do so because a student at that age tends to think they know everything when it comes to the beautiful world we call earth. Some kids like to listen and others just don’t comprehend anything. If you do find someone that loves to absorb information, there’s so much you can teach a student when it comes to information them about credit card debt.

 

Credit card debt is a major issue here in the United States and the only person you can blame is the credit card user themselves. People love to blame their problems on everyone else but themselves but when they look at reality in the mirror, they are only should be blaming themselves. The only way to avoid debt is self discipline and a lot of education on credit cards. With the right education, a student can see exactly how much debt can hurt them in the future.

 

Besides discipline and education, there are a lot of topics a student must know when it comes to credit card debt. A student should know that it’s not a joke and should be taken very seriously. If they treat a credit card like a joke, maybe it’s best that you try and make them stay away from it, if at all possible. 

If you’re ready to teach your class or student about credit card debt, below are a few key points you should teach –

 

Pay your credit card on time. This is an important one. If you don’t pay your credit card off on time, you’re going to have a lot of late fees on your hands. The best thing you can do is pay off your minimum at least. NEVER let your credit card statement fly by without paying for it.

 

Never spend more than what you can afford. Don’t treat your credit card like it’s a piece of plastic that has a never ending supply of cash. When you use your credit card, make sure you’ll have the money at the end of the statement period to pay it off.

 

Be aware of your terms. When you start using your credit card or you’re starting your search on finding a credit card, make sure that you’re aware of the terms and conditions. Check all the fees and terms that are associated with your credit card.

 

Be organized. When you’re using your card online or in the store, make sure you know how much you’ve spent in the past and what your upcoming bill is going to look like. This will help you better manage your money.

 

These are the main points you should teach your student when teaching them about credit card debt. Even if they don’t want to listen, simply print this guide out and slap it on their wall, so that if they ever fall into that hole of debt, you could say “I told you so.”

Credit Report Scores
Below is a chart of credit report scores. Credit report scores are important when it comes to applying for a credit card. To find out what your credit report score is, please click on the link below.
Great Credit
750-850
Good Credit
660-749
Fair Credit
620-659
Poor Credit
350-619
No Credit
0
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