Although most credit cards have been designed for college students but it is possible for a high school student to get one too, but obviously there are many pros and cons of getting one.

Help them learn the basics of money management

We all know that the teenage is the best age to learn, and it may be the best to learn about the basics of money management to help in future life. As teenagers, many kids go out and get their first jobs, or are otherwise earning income from allowances or babysitting. It’s the perfect time for parents to help them learn about the basics of financial responsibility, and train them to spend according to their limits.

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Credit card companies are going to all lengths to get students to sign up for cards nowadays. Students might be motivated to get them seeing the free t-shirt or free pizza offer, but the high price that they’ll have to pay later is nothing compared to these small gifts. Not knowing about the consequences, the students will not only get into debt, they will also spoil their credit rating and hence put their future at steak.

Knowing all this, some student groups have gone so far as to classify these marketing tactics as predatory. But then, why are banks still allowed to market credit cards to students? It is possible that they just might have a contract with the host college.

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Students begin a new chapter in their lives when they enter college. Apart from the feeling of independence and freedom, for many, it’s the first time they’ve lived on their own. For the first time they are on their own to make all the decisions for themselves, whether it is about doing laundry, planning their own meals or some major advancements regarding their financial lives such as getting a credit card.

This new liberty sometimes overwhelms the student to sign on the dotted line for the credit card, just to get that feeling of being powerful to buy anything you want.

In order to get the students to sign up for the credit cards, the credit card companies offer many tempting deals to motivate the students such as, “Get a free T-Shirt when you apply for our credit card”; “Choose a free CD”; or “Free Pizza when you apply!” The little credit card “kiosks” are spread all over the campus in some cases.

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Students are increasingly worried about credit and credit scores – and for good reason. Student debts are rising and the numbers of students who leave school with ruined credit scores is rising as well. Many experts blame larger credit card debts and rising tuition costs (that lead to larger student loans).

Despite the pressures of today’s student life, though, it is possible to leave school with a good credit score and in fact to develop good financial habits that can lead to a lifetime of good credit ratings. There are a few tips that can make the college years a credit-booster instead of a credit disaster:

Best tool for student credit repair and credit help

If you are a college student, your school’s financial aid office should be one of your first stops at the campus. Few students visit this office regularly while they are in school, and this is a mistake. The financial aid office at most universities and colleges has more than enough information to help you keep your credit score in tip-top shape.

The financial aid office offers one-on-one financial counseling, information about scholarships, tips on budgeting, books on money, and many more resources. The officers at your university or college financial aid office can offer you help on almost any aspect of financial help – including helping you figure out credit scoring. Plus, many financial aid offices have workshops that can teach you about dealing with money and credit, and even offer free tax filing services, services that are extremely useful.

In fact, the financial aid offices at most colleges and universities are so useful that you may want to call the school you attended in the past to ask whether alumni are eligible for any services at the financial aid office. The resources that you a get for free from these offices are simply too good to miss.

Budget carefully

Student loans need to be paid back and are more and more often for large amounts. Taking out the smallest loans you can and sticking to a budget can help establish good credit habits that can help ensure that you have a good credit score when you leave university. Plus, since student loans are for a limited amount, you can easily budget because you will know exactly how much money you will make each month and how much money you will be spending on student housing, tuition and other expenses.

Pay for education through means other than loans

Student loans are becoming a problem for more and more students. On the one hand, student and college loans can help students who could otherwise not afford go to college or university.

On the other hand, though, huge student loans can be a terrible financial burden after graduation.

While it is true that most college and student loans do not have to be repaid until after graduation, the time after graduation usually carries some large financial responsibilities. Many college graduates want or need a car, a good job, and possibly a house or home. Each of these things requires a good credit standing, but too large student loans not only require larger monthly repayments but also may affect credit scores by overextending credit.

As tuition fees rise, larger student loans are becoming the norm, leading to financial hardship down the road for many students. To avoid this, you should take out the smallest loan you can, relying on jobs, savings, scholarships, bursaries, and other forms of financial aid to make up the rest of your tuition and living expenses. You should rely on loans as a last – not a first – alternative.

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