Credit cards help young adults reach financial goals

All About Credit webinar series concludes with a lesson whether young adults should have a credit card during college.

By

Lifestyle

June 8, 2021 - 9:44 AM

Paying with a credit or debit card has become the norm . Photo by PIXABAY.COM

The Wallet Wisdom financial webinar series concluded last week with All About Credit. A question came up about if young adults going to college should have a credit card during their school years or wait until they have graduated and have a job.  

Paying with a credit or debit card has become the norm and taking the place of cash in everyday transactions. Establishing credit, specifically good credit, can help young adults reach their financial goals. Goals may include a loan for a car or mortgage, credit cards, renting an apartment, a job, or even insurance. Good credit takes time and patience, waiting until after college to establish credit can delay dreams, goals, or establishing a household.  

A person’s financial knowledge and capability is a better indicator of when they are ready to handle credit products such as loans or credit cards. As a parent or caregiver, having a conversation with young adults about credit (or money) can help them build self-control and learn problem-solving skills involving money. 

Related
May 6, 2022
May 6, 2022
May 2, 2022
April 21, 2022