Like many college kids, my daughter Hannah ended up with a credit-card problem. But it wasn’t the problem I feared.
As students head off to college, many parents worry that their sons and daughters will apply for a fistful of credit cards and amass a heap of debt. Indeed, 42% of freshmen have credit cards, and they carry an average balance of $1,585, according to a study by college lender Nellie Mae.
But in her freshman year, Hannah didn’t rack up a single charge — because she had a heck of a time just getting a card.
• Getting carded. To be honest, I don’t really want Hannah to have a credit card. But I do want her to have a decent credit score. And one of the best ways to earn that score is to get a credit card, charge a small sum each month and then dutifully pay off the balance.