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Matthew S. Dana quoted in article “Don’t Let Your Kids Graduate into Financial Ruin”

San Tan Sun

Below is an excerpt:

"Credit card companies generally offer low limits to young adults entering college. This typically allows for more freshmen to apply and get approved as soon as possible. Some offer incentives to apply," said Matt Dana, a wealth preservation attorney at Quarles & Brady.

In fact, many companies simply place applications on college desks and in dorms — and freshmen apply by the thousands, not realizing that every penny spent on that credit card is owed back, with interest. "By working with them on credit starting from a young age, they will grow to understand the impact of good or bad credit on one's life. In addition, just as bad spending is habit-forming, so are good spending and saving," Dana said.