Once your child steps foot on a college campus, she'll be inundated with credit card offers. But for a lot of teens, the urge for plastic starts well before then.
In fact, a 2005 study by the Jump$tart Coalition for Financial Literacy revealed that 31.8 percent of high school seniors use a credit card; I think it's safe to assume that that number is even higher today! Back then, half of those students had a card in their own name and the rest used cards issued in a parent's name.
There is a lot to watch out for when it comes to kids and credit cards. Financial literacy is a necessity before you offer your teen a credit card and give her free reign. Between sky-high interest rates, cash-advances and late fees, a teen can easily get in over her head with debt. In this economy, it's more important than ever that kids learn the value of credit--good credit.
Word to the wise: Bad credit habits that start now are often very hard to break later.
Does your teen want or have a credit card?