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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?
Comments (8)
That is word to the wise. I had credit cards when I was a teen and got myself in a lot of debt as a result. It took me years to get back on my feet again and had bad credit for 7 years after. So important to truly educate kids on this and to help keep them on track to pay their bills on time.
My Son Is 20,And in College.Hes had a Credit card now for a couple of years,And Thank God,He pays his on time every month.At,Least I know he was listening to me!
So Im 23 and and 3 months after I turned 18 I got my First card! I really didnt know what I Was doing! I*m now about 5 k in debt! and at 23 with a husband and a 4 year old..bad credit sucks!! I really wish my Parents would have taught me Financial skills! both my parent have Good Credit. I really think it all depends on the Teen and if they should have a Card! I went on a School Trip for a Weekend to myrtle beach..My dad let me have his one Credit card in 3 days a spent almost $200. Yes, I was never aloud to use his card again! I wish i could do it all over again.
I don't have a teen, but you know what? I would never give my child a credit card. ADULTS shouldn't even have credit cards except for emergencies, so teens shouldn't be taught that credit cards are okay for frivolous purchases either.
Let them get a job and a bank account instead, and then they can handle their own money, and deal if it goes into overdraft, which is going to be less than they'd charge on a credit card, and they'll learn not to spend money they don't have - which is exactly what a credit card is.
I would NEVER give a kid a credit card I paid for - ever.
Just thought I would say,That I did not give my son a credit card.He applied for his own.He works,Goes to College,And pays his own bills.That's the way I raised him.I would never give one of my children a credit card.And,I'm very proud of him,For what he has accomplished,And for paying his bills On time!
Not sure if she wants one or not. This topic hasn't come up yet. But if she wants one she's going to have to apply for one herself and take care of it. My credit sucks and I can't get one myself ...hmm...maybe she'll learn something from that!
I have two teen boys that are close to turning 18 and their teachers are having them do a research paper on whether or not teens should have credits cards. My 15 year old asked if I would allow him and his 16 year old brother the chance to obtain a credit card and I replied with "Absolutely NOT" because most teens are too irresponsible to try and manage credit.
We don't have a teen, yet- but credit cards are not allowed in our home. In fact, that's probably the number one rule in our home.
As our son gets older I'm sure he'll learn how to succeed without debt, and without credit cards.