Rob, over at Home Business Blogger has a great post on “Get Your Children in Debt to Keep Them Out of It”. In his post he points out the importance of parents teaching their kids about debt at an early age. Today you can’t depend on the schools or anyone else to teach your kids how to handle money, it is up to the parents. But it seems many are not doing a very good job.
According to MSNBC many students are leaving college with over $10,000 in consumer debt (not including student loans), and credit scores so low that it will limit their ability to buy a home, or even rent a car. Many are putting the blame on the credit card companies for providing credit cards to students with little or no income. Some are suggesting that Congress should step in and provide oversight. I disagree. It is the responsibility of the parents to teach their children about debt, and it is the responsiblity of the adult student to manage their debt properly.
So parents, do your children a favor, and get them in debt while they are young, and before it will affect their credit score!