Credit card regulations present hurdles on the road to fiscal freedom.
College offers a first taste of freedom for incoming freshmen, but credit card regulations have made it difficult for college students to flex their fiscal independence.
In this video, USA Today correspondent Sandra Block breaks down what credit card reform means for the college-aged demographic. Although students are away from home, there is still a parental role in their children’s lives. Parents can not only help with the financial burden of higher education but also help their sons and daughters build credit through responsible means.
The newly found freedom of students presents an opportunity — possibly even a dire need — for financial education. Such a need is perfectly suited for credit unions. Cosigning and lending programs coupled with financial education and coaching for independent college students might be the extra-curricular activity needed to smooth the transition into the real-world. After all, what better graduation gift is there than a well-managed credit score?
Click to watch the ABC video.