The following column is a reprint that never goes out of style!

Q Years ago, I remember reading a column you wrote about the dangers of college student credit card debt and telling the story of a college student in credit card debt. I remember laughing and saying that my wife, a true “helicopter” mother, would never allow that to happen under her watch. I am no longer laughing as we have recently discovered that our son has been hiding $7,000 of credit card debt on a credit card we had no knowledge he possessed. Aside from using the card for purchases, he took cash advances to fund an unbeknownst brokerage account, losing all his money on Gamestop stock. For the benefit of other parents, can you please run that column again?

A Education as to the dangers of abusing his credit card certainly may have prevented his current debt situation. Unfortunately, like many adults, he is learning the hard way!

When my children turned 18, the flood of credit card solicitations began. Perhaps I was naïve to be so appalled at the blatant attempts to introduce them to a life of debt by offering them all kinds of “money-back bonuses” and free calculators, pens, etc.

As many of us adults have discovered, acquiring credit debt is far easier than paying it off. It is so much fun to buy and charge, buy and charge, buy and charge, and so on. However, it is so painful when the credit card bill comes in the mail. Having the willpower and the ability not to spend above our means generally is an emotional function and not an intellectual one. In other words, even the most intelligent people among us find themselves buried in credit card debt because they can not resist the emotional temptation to buy something NOW. Having said this, do you trust your son or daughter of 18 to have the emotional strength to resist whipping out their credit card every time they see something they just HAVE to have?

Obviously, you can arrange with your child to “control” their card(s) for the purposes of establishing future credit. However, do not forget to educate your child. Unfortunately, our high schools do not offer regular classes or programs on personal finance and the dangers of acquiring and controlling credit card debt. Most of us learn the hard way — when it is too late and we are already in over our heads in debt.

For those parents reading today’s column, please make the effort to educate your children about credit card debt and the interest factor. This will be time well spent. Remember, if your child gets into debt, who do you think he or she will turn to for help? That’s right, YOU!

As for the cash advances and the “get-rich quick” stock investments, I suspect your son has also learned a few lessons. You have my condolences!

Barry Dolowich is a certified public accountant and owner of a full-service accounting and tax practice with offices in Monterey. He can be reached at (831) 372-7200. Please address any questions to Barry at PO Box 710 Monterey, CA 93942 or email:bdolowich@gmail.com