As I prepare to send my daughter off to college, I'm stressing to her the importance of good financial planning.  (I'm not paying for bad spending habits).  It's important to warn our children about the trouble cause by bad credit.  Some employers are turning away potential workers due to poor credit rating.  So, it's our job as parents to warn our children that having "out of control" spending habits can lead into more problems then just credit collector's phone calls. 

Recent reports suggest, students are engaging in risky financial behavior.  Over a third of students have over spent in the last six months.  Financial bad behavior include -- not paying their bills on time, running up their credit card, and using payday loans with no job. Are you as a parent going to foot the mounting bills?  I'm not.  With the current economy crisis, I'm fortunate that I'm able to send my daughter to college. 

The University of Arizona has been tracking 2000 students, who started college in 2007.  This is a long term study which will track these students until they reach the age of 30.

• Half of the student population has at least one credit card -- If your student does not have a job, you should not give them a credit card in your name.  Give them a debit card -- when the well is dry, that can withdraw what's not there.
• Help your student create a budget before leaving for college.
• Stress the importance of finance.
• Enforce the facts that you will not be paying their bills.