College students do not spare much thought to a sound credit history but it is important to get loans and even get a job. Many employers now check credit backgrounds to find out whether the person they are hiring is stable.

Thus parents have to take credit card debt of their children more seriously than academic failure. Here are some tips for success with credit cards:

1. Pay the maximum, not the minimum.

The worst thing you can do is pay the minimum payment. It can take the average student more than two decades to pay off a credit card. Pay as much as you can or even pay off your balance.

2. Set your own limit.

Banks set credit limits that are in their interest. So set a limit that's different from the $2,500 or $10,000 that a lender makes available to you. You'll be less likely to get in trouble.

3. Beware of fees.

In other words, choose your lender carefully. Whether it's a bank or a credit card or any other type of loan, many fees can come with a deal that sounds good. Maybe it's overdraft fees that forces you into debt. Maybe it's an outrageous interest rate. Unfortunately, if (it's) not managed well, it's a snowball effect when (students) get tripped up by various fees.

4. Budget carefully and expect the unexpected.

To ensure success with credit cards, one must ensure overall financial stability.
That means have a savings to dip into in case your car transmission goes out, for example. And budget well so you don't have to turn to your credit card for everyday living.

It's very easy to overspend and people go to the bars, do this and do that, and pretty soon they end up with way more debt than they can handle. And if you're on a tight budget, be sure to carry cash and check your bank statement frequently.

5. Carry cash

This makes you less likely to overdraw your account.

6. Checking your bank statement

The harsh reality of an empty bank statement makes you aware of what you have and conscious of reining your spending habits.