Approximately 20 percent of 18-year-olds have over four credit cards. The teens also have $3,000 in credit card debt on average. There are ways Iowa parents of teens and college students can safeguard themselves from credit card debt.
Throughout the years, credit card representatives could easily sign up teens for credit cards. Now, if the individual is under the age of 21 and there's no income, such an occurrence cannot easily happen. For those who are able to get their parents to co-sign, they usually end up racking up thousands of dollars in debt on frivolous items rather than school-related expenses. A large number of college students have multiple cards on which they carry balances. One highly advisable action is for parents to educate their kids about credit.