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It is extremely important to start building credit at a young age. If you trust your son or daughter, make sure that the credit limit on the card is low, and explain that the card is only to be used for emergencies, books or whatever you decide, I think that it is a good idea to co-sign for a credit card for your son or daughter as they head off to college. Most credit cards allow you to access current billing and statements online, so that you can both keep a watch on the use of the card.
Of course, if he or she abuses the privilege, the card gets cancelled and taken away.
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