You would never let junior drive a car without a driver’s license. But have you ever thought about the risks involved in letting him cruise through college with one or more credit cards in his wallet?

Credit cards are a fact of student life these days. And while it’s easy to assume that kids graduate from high school with some basic financial literacy skills, this is for the most part not the case. According to the Jump$tart Coalition for Personal Financial Literacy, the average high school graduate lacks even basic financial management skills.

For most kids, college is the first step into the world of adults, the first time they “escape” parental control and take charge of their own finances and choices. College is a great learning experience in many ways, but for many students it’s also the place where they make their first big, financial stumble-using a credit card to bury themselves in debt.

According to an annual survey conducted by Sallie Mae, the average credit card debt of all college students in 2007-2008 was $3,173. The higher the grade level, however, the higher the credit card debt-the average credit card debt of freshmen was $2,038, compared to $4,138 for seniors.

Stepmoms aren’t all evil. On the contrary, Annie Flannigan of Fairfield, Iowa is here to report, they can be—like, cool.

Having a credit card offers important benefits in addition to convenience and easy access to cash. It enables you to start building a credit history and, as long as you comply with the terms of the card, acquiring a good credit score.

Rewards credit cards can be a great way to earn a little extra cash or perks like airline tickets, rebates towards the purchase of a new or used car, tickets for MTV events, gift cards and much more.