There was an interesting article in the Journal/Sentinel this past Sunday about college kids and the dangers of credit cards. It was a very timely article because I was scheduled to give a lecture to a Real Estate class at Marquette University on Thursday. The point of the article was alerting college kids to the danger of credit cards. Falling into the trap of debt can take a toll on one's ability to finance larger purchase down the road.
It is really important to have discussions with your sons/daughters, nieces/nephews, grandkids, etc. to educate them on the importance of being responsible about not getting in debt. It is never too early to teach kids the importance of learning how to budget. Buying only what you need and saving up cash for major purchases will save you money in the long run. A two hundred dollar item that won't be paid off for 15 months really is costing you $220-$250 depending on the credit card interest rate. Multiply that by much larger numbers and you can see where I am going with this.
For those of you that don't feel comfortable talking about this or do not know where to go to get the information to help, let me know. I have tools and tips available that you can use. In fact, I would even be willing to take 15 minutes and have the conversation for you. I gave the same offer to the students at Marquette. It is important to me to see any and all become educated on what could save them a mountain of interest in the long run. Until next time...
