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A credit card can be an important step on the path to financial independence for young adults. It is a convenient way to make purchases, and it can also help build a credit history. However, with the recent passage of the CARD Act limiting credit card access for those under age 21, your college-aged son or daughter may be required to have an adult as a guarantor to qualify for a credit card. Before deciding to become a guarantor for a credit card, make sure you understand the responsibilities. As a guarantor, you agree to pay the balance if the borrower is unable to make payments, and missed payments can damage your credit score.
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