Back to School Survey
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1. Back to School Survey
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1
. Does your child have a credit card?
Does your child have a credit card?
Yes
No
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2
. If you answered yes to question #1, why?
If you answered yes to question #1, why?
To start building credit
To learn how to be financially responsible
For safety
So you can see what they’re spending
All of the above
Other
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3
. If you answered no to question #1, please tell us why.
If you answered no to question #1, please tell us why.
You are worried they may over-spend and be in debt
You do not want them to damage their credit score early
They’re too young for that kind of responsibility
You’re afraid you will have to pay their debts
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4
. Have you had any conversations with your children about the importance of credit and explained exactly how it can affect their adult lives?
Have you had any conversations with your children about the importance of credit and explained exactly how it can affect their adult lives?
Yes
No
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5
. Are you aware that the recently passed Credit CARD Act of 2009 prevents a credit card from being issued to someone under age 21 unless they have a co-signer (who is 21 or over), or can provide proof of a means to repay?
Are you aware that the recently passed Credit CARD Act of 2009 prevents a credit card from being issued to someone under age 21 unless they have a co-signer (who is 21 or over), or can provide proof of a means to repay?
Yes
No
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6
. How involved are you with their spending?
How involved are you with their spending?
I check their monthly banking and credit card statements
I placed a monthly maximum on their spending
I monitor for unapproved charges – their card is for certain use only, i.e. emergencies, gas, groceries, etc.
I check in on random occurrences
I do not monitor their spending, I trust they will spend wisely
Not applicable
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7
. If your son or daughter has a credit card, who pays their credit card bills?
If your son or daughter has a credit card, who pays their credit card bills?
I/we (parents) pay the bills
They pay their bills with their savings
They pay their bills with their job earnings
I’m not sure/haven’t thought about it
Not applicable
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8
. If your son or daughter has a credit card, have you ever had to bail them out from a big bill?
If your son or daughter has a credit card, have you ever had to bail them out from a big bill?
Yes
No
Not applicable
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9
. If you had to bail them out from a big bill and were unaware of the charges made, were there consequences from their irresponsible spending?
If you had to bail them out from a big bill and were unaware of the charges made, were there consequences from their irresponsible spending?
Yes – their card was taken away for a certain amount of time
Yes – they are not allowed to have a card again, until they can pay us (me) back
No – they learned their lesson
No – they’ll have to figure it out on their own
Not applicable
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10
. Of the following financial pressures and challenges, which one do you see as the most troublesome for college students today?
Of the following financial pressures and challenges, which one do you see as the most troublesome for college students today?
Helping pay for tuition, books and housing
Keeping up with technology, i.e. computer, iPhone, etc.
Traveling home for the holidays
Partying/socializing – joining a fraternal organization
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