NOW LIVE: Eyewitness News

College Kids And Credit Cards

By Amy Feldman

PHILADELPHIA (CBS) – As college acceptances roll in and parents think about getting their college kids an emergency credit card, they want to know: are parents legally responsible for the debts of their kids?

Isn’t it amazing that a parent’s definition of ’emergency’ means life threatening; to kids it means low prices on new releases. So are parents liable for an enormous bill rung up by their minor child? Almost always.

For college-age kids whose parents have an established credit card account and add their kid as a permissive user, they are responsible for the charges he racks up. Where an adult child applies for his own credit card and the parents are not co-signors, debts he accrues are his own responsibility.

Debit cards, with only a certain amount of money deposited for real emergencies may be a good compromise. For the first 18 years, they were your responsibility – now make sure their financial mistakes are their own responsibility.

Comments

Comments are closed.

More From CBS Philly

2016 Guide To Holiday Mall Hours
What's New On The Nearby Slopes

Listen Live