By Bill Hardekopf
NEW YORK (TheStreet) -- It's almost time for your high school graduate to leave for college. Talking with your son or daughter about budgets, credit cards and the dangers of debt should be part of the preparation in sending them off into a life on their own.
Credit cards represent freedom and independence for college students, especially that first year when living away from home is new and exciting. The more they understand about the correct use of credit and its consequences, the more responsibly they can handle it. Money management is not a skill they should learn from their friends or by making mistakes.
What has changed? As of Feb. 22, the CARD Act began limiting credit options for students under age 21. While the regulations protect students from aggressive credit card marketing on campus, the law also restricts credit availability for students. If you are under 21 and want to open a credit card account, you will need to show you are financially able to make payments, or you will need a co-signer.
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Debt, Credit Lessons for College Students
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