I was recently interviewed by AP reporter Shaila Dani regarding the new law that goes into effect next February to curb credit card incentives for college students and new rules for the under-21 group and their parents. Here is a link to the article as it appeared on msnbc.com: http://www.msnbc.msn.com/id/32974083
But this interview made me wonder just how many parents this law will affect and will it impact how they handle their child’s college education. So, I’ve put together a few questions for all parents of under-21 age children. Please send me your responses to these questions or your comments on this new law and how it may affect you and your family.
Here are the questions:
- Does your child already have a credit card in their own name?
- How old is your child with the credit card?
- Does the child with the credit card also have a checking account?
- If your child does not have a credit card by Feb. 2010 when this law take effect, would you co-sign to obtain a credit card for them if they are under 21?
- Do you think your child needs a credit card to establish a credit history?
- Lastly, would you take money from your own retirement savings to pay for your child’s college education?
I look forward to hearing from you!