credit cards - FICA scores - debt

[Gerianne]

I heard on the radio that students' credit card debt and FICA scores are  a concern. A student might move out from student housing and a utilities bill may be left unpaid.
An unusual solution came up in the short discussion: parents get another card for their student son/daughter so they can watch what the student is charging + having the parental power to pay it off on behalf of the student.
I could not follow the logic there.

As an adult, a "senior", I budget, spend, and pay my balance in full.
Unexpected spending does come up sometimes.
I try to check for items I can "wait until later" to buy.

[CHANEYLAKEGIRL]

What is a FICA score?

[EDW39A]

Your FICA score, which believe is suppose to be you FICO score, aren't the two confused at times. FICO scores or Fair Issac and Co. scores, are suppose to be a number to measure your credit risk, risk of default or creditworthiness. A "... numerical score that determines how likely a consumer will pay his or her bills..."

[CHANEYLAKEGIRL]

Ah, FICO. Got it.

[kapeh12]

I know my parents never would pay off my credit card debt.  I did get into some debt in college - most of my expenses were related to car maintenance and books/tuition, so it wasn't frivolous spending.  I know when I was struggling to make it on my own after college, and was having trouble getting a job, they did give me a small loan ($500) so I would not be evicted from my apartment...I had recently gotten a full time job and needed a few weeks for the paychecks to start coming in.  But I was completely on my own to deal with my credit card debt.

If a kid is ringing up credit card debt, and not paying bills like utilities - why would the not take advantage of having their parents "pick up the tab" on a credit card they might be ringing up?  That "solution" sounds more risky to the parents - letting the kid ruin their credit.  I think they just need to cut the cord and let the kid sink/swim - help them out for necessities of life, provide advice for how to get out of debt - but not cover their debt.

When I graduated, I don't think anyone I knew expected their parents to pay for any of their accumulated debt...what should be different these days?

[sassyc42]

I agree with having the student pay their own bills, but sometimes the parent can help...especially if the $$ weren't spent on wants instead of needs.  We have assisted our childrent when needed