Statistics show that the average college student will graduate college not only with a massive student loan burden, but an addition credit card debt that totals in the thousands.
Attending college can be expensive, and it can take years after graduation to even make a dent in the payoff amounts of credit cards. Most college students cannot afford to go into so much debt, but the reality is that the majority of college graduates feel trapped by excessive debt. Before going to college, parents need to sit down with their kids to talk about budgeting, the repercussions of debt, and how to best get around the expenses. One of the best options is having a prepaid card.
Cards like the Visa prepaid debit card allow college students to load their own money on the card and use it wherever debit cards are accepted. They maintain control of their balance, their savings, and their spending with online account access. With no debt and no bank account, there are never any overdraft fees because you only spend what you already have. Students can choose to have paychecks direct deposited onto their prepaid card, giving them easy access to money.
Prepaid cards allow students to pay their bills, putting them in control of building their credit. And prepaid cards are protected in the event they’re ever lost or stolen, so they’re safer than cash. Parents can easily load money on a student’s card from various retail locations, meaning they won’t have to wait for your monetary support in the mail. With so many benefits, why wouldn’t your college student need one?