2. Establish a low maximum monthly limit.  In most cases, I believe a $500 or $1,000 maximum spending cap is right.  That’s enough to help with most jams (i.e. a canceled flight that requires a motel stay), but not enough to get into overwhelming debt quickly.

3. Establish a list of what items can be bought using the card.  Any exceptions have got to be cleared in advance with the parents.

4. Pay every single penny every single month.  No “if's,” “and's,” or “buts!”

5. Mom and Dad are to receive a copy of the monthly credit card statement.  (Remember, Joe College has access to fax machines.)  The deal is simple:  You get a copy of the statement within 24 hours of its arrival.  If any part of rules 2, 3, or 4 have not been lived up to—the card is toast!

We’ve all heard it a million times, but the old Proverb still bears repeating: “Train up a child in the way he should go, even when he is old he will not depart from it.” (22:6)

A complete financial compendium, 19 chapters
• What you can do today to get out of debt and kill the Debt Monster
• A,B,C's of handling your money God's way
• How to save, invest, and retire wisely
• How mutual funds work
• How to stop fighting over money
• What to teach your kids about money
• Learn how home & car buying, college financing and insurance work.
• How to develop a budget that works -- forever!
• Features simple charts, graphs, and easy-to-use forms.

Click here to learn more or to order.