Credit offers in college

For some students, getting a credit card when they start college is a rite of passage that teaches financial responsibility.

For others, it’s the beginning of a lifetime of debt and money woes.

Financial education can make the difference, say money advisers.

By Susan Simpson, Staff Writer | Published: April 25, 2008 Comment on this article

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For some students, getting a credit card when they start college is a rite of passage that teaches financial responsibility.

For others, it’s the beginning of a lifetime of debt and money woes.

Financial education can make the difference, say money advisers.

Many Oklahoma colleges and universities offer seminars or classes in financial planning. They don’t teach the evils of credit card use, merely responsible use, said Davin Winger, a personal finances instructor at Oklahoma Panhandle State University.

“You really need to have one,” he said. “You can’t do any transaction over the Internet without a credit card.”

Responsible credit card use also helps young people establish credit scores that will help them secure home and car loans, and better rates for their cards. But the key is paying off the balance when possible and not making rash purchases, Winger said.

Students experiencing their first parent-free purchasing power don’t always make wise decisions. Some sign up for credit cards because they are offered a gift like a free T-shirt to apply — a practice many colleges and universities ban on campus.

“Credit isn’t a bad thing,” said Jennifer Wallace, vice president of Consumer Credit Counseling Service of Central Oklahoma.

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