Should teenagers be allowed to have credit cards?
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M$11 Answers
If it was a duplicate card on a parental account, the child could ruin the family finances without realizing it. I think the better was to go is a pre-paid debit card this way they have a limit on spending yet do not have to use cash.
I do believe in teaching them the value of money at an early age. When each of my children became teenagers I opened them a savings account, this way they could use their money and learn first hand about bank accounts. These accounts are joint between them and me. When they are not minors any more I take my name off the accounts if they ask.
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M$
Prior to that, it is the parents responsibility to teach their teen about money and spending. I never had a talk with My Mom growing up about money and did end up getting in trouble with credit cards.
Our kids we teach from a young age. Each of my kids have one chore a day, that goes unpaid. (I do not get paid for cleaning and we all live here.) They also have to clean their rooms and they both do their own laundry. My kids are 17 (going on 18) and 13 years old.
I work from home, so many times a week their our extra jobs or chores they may choose to do for money.
They have both learned to be very smart with their money. They have to save up for whatever they want and they do. My 17 (almost 18 year old) just got his first job outside of the house. And not including that money he has over $3,000 saved up. He also has just paid for his fall College. He has a Paypal card thus far and the nice thing about that, is that is his money. Yet he can use it as a credit or debit card.
Do teens need credit cards, yes, at the right time and after teaching them the proper way to use it. My son does still not have his own "regular" credit card. Now that he has an official job, we will take steps to get one. He knows the purpose of that is to build his credit, not a shopping spree. We have suggested he buy one thing he needs, then pay it off. Otherwise use cash or his Paypal
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M$
Nevertheless, the parent has to monitor the teenager’s monthly payment and spending habit, so that he/she would not get into early debts.
The teenager should also be given a credit card that has a low credit limit and the parent should take out time to have ‘’money talks’’ with the teenager.
Parents should open a checking account for their teenager and teach him/her how to write checks, update their check register and balance their checkbook too.
Once a teen can do all three and is responsible, the parent can go ahead and co-sign with the child for a credit card.
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M$
While I agree with some of the answers that have mentioned the benefits of teens building credit at a young age and learning about finances etc, I wouldn’t place that kind of responsibility in their hands unless they showed that they were responsible enough to handle it
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M$
I did, however, call my dad from the shop before using the card to make sure it was okay to use it for that. I never told any of my friends I had the card, except the one who was with me when the tire was broken. I was pretty sure if I used that card to buy anything stupid (like jeans) I would have been murdered and buried in the back yard.
I applied for my own credit card when I was in college. It didn't really do me any favors. I was in and out of debt for several years. It took a LONG time for me to really learn to manage money.
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M$All of the "money" looks the same to them. Every dollar denomination and every coin is the same plastic card in exchange for a piece of paper. There are no $100.00 cards with Benjamin Franklin's picture on it. There's no chance of getting that $2.00 bill back with your change. And, regarding "change", can your child give you change for a $1.00 bill? Probably not. Adults rarely use cash so utilizing the change as a learning tool, along with a fun lesson in money and math, doesn't happen often. Kids never seem to lose their interest in money. To prove this, put out a pile of coins the next time you're around some kids and see how fast it disappears. The problem is they don't really understand what they are and what they're used for. Someone has to take the time to teach them now, instead of the fun "keep the change if you can tell me how much money it is" game.
Without knowing the rules and understanding that there really is more involved that just pulling out that card, children should, in no way, have credit cards.
my opinion
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M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
If you've carefully taught your teen about money, giving them credit doesn't have to cause issues down the road. I've always found it frustrating that some people think credit is a license to spend. If you've taught your teen about the importance of doing well and getting rich over time (and they've taken what you say to heart), they're not going to mess up their own future with wasteful consumer spending.
I know it's a bold thing to say, but people get into trouble with consumer credit when they take their eyes off the ultimate goal. If your teen is as focused on the importance of financial gain as they should be, giving them credit will be inconsequential.
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M$
The only way I would consider it is with a pre-paid card that way you could control the spending. They would also learn to manage their spending because when the money ran out they wouldn’t be able to purchase anything else. As far as giving them an actual credit card I don't think it's a good idea.
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M$
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
