Packing Plastic Risky for College Students; Credit Cards Offer Spending Flexibility, but Checkbooks and Debit Cards Also Are Options

Summary

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One of the toughest decisions parents make as they send their children off to college is whether to pack checkbooks, debit cards or credit cards that the students can use for school costs and personal expenses.

Checking accounts and debit cards have the advantage of imposing limits; if there is no money in the account, the users are unable to spend. Credit cards might allow more spending flexibility - especially in emergencies - but they can risk enticing the users to overspend and take on debt they can't afford.

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Packing Plastic Risky for College Students; Credit Cards Offer Spending Flexibility, but Checkbooks and Debit Cards Also Are Options

Experts say the decision should be based on a child's maturity and comfort with money. They also recommend parents be aware of their children's spending, reg...

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