Managing Having Teens With Credit Cards
Many people will notice that more and more teenagers are getting credit cards even when they are not legally able to own one. This is possible because many parents often attach a teen to their account to allow for authorized charges to be made by the signing teen responsible. This may have varying degrees of severity, especially when your trust in your teenager is lacking.
Making mistakes is a big part of growing up. Many teenagers view a credit card as a way of getting money quick and easy. Little do they know that the money that you get from a credit card needs to be repaid quickly before you get charges interest and other fees. Having a card to use that they have to repay to you can be a great learning tool for them.
Depending on your situation at home with your finances, making the decision to give a teen a credit card can be very dangerous. If the parents can afford a few blunders, it may be wise to let the teens make some mistakes so they can learn to better manage their spending habits. If you do not have a very large income to afford a blemish on your credit, then it is probably wise not to let a teen have a credit card unless it is absolutely necessary.
Credit card companies want you to share accounts with spouses or family members, this makes it possible to get a card for your teenager quite easily. It is always a risk to give a minor access to an account that has a high credit limit or high interest as if they go over your credit limit or make a mistake that you arte unable to pay for, you may end up with a blemish on your credit score. When this happens, it is usually a fight between parents and their teenage children over the responsibilities that one must take for their actions.
You can have extended conversations with your teens to make sure they understand the importance of their actions when using the card. If you feel that you should punish them for making a mistake, let them know beforehand so they can think about what they do before they end up doing it.
You can set rules for acceptable purchases and also lay down the boundaries of which they can spend. If they break these rules or boundaries, you can cancel their card and have them suffer. If they get back on track, you may want to give them another chance, but until then their card is not active any more.
Closing Comments
You can let a teenager grow up and experience responsibility by giving them chances, or you can let them try on their own and get into far worse debt and credit situations. Why not guide those who need guidance and give them a reason to like you because you are the "cool" parent?
Making mistakes is a big part of growing up. Many teenagers view a credit card as a way of getting money quick and easy. Little do they know that the money that you get from a credit card needs to be repaid quickly before you get charges interest and other fees. Having a card to use that they have to repay to you can be a great learning tool for them.
Depending on your situation at home with your finances, making the decision to give a teen a credit card can be very dangerous. If the parents can afford a few blunders, it may be wise to let the teens make some mistakes so they can learn to better manage their spending habits. If you do not have a very large income to afford a blemish on your credit, then it is probably wise not to let a teen have a credit card unless it is absolutely necessary.
Credit card companies want you to share accounts with spouses or family members, this makes it possible to get a card for your teenager quite easily. It is always a risk to give a minor access to an account that has a high credit limit or high interest as if they go over your credit limit or make a mistake that you arte unable to pay for, you may end up with a blemish on your credit score. When this happens, it is usually a fight between parents and their teenage children over the responsibilities that one must take for their actions.
You can have extended conversations with your teens to make sure they understand the importance of their actions when using the card. If you feel that you should punish them for making a mistake, let them know beforehand so they can think about what they do before they end up doing it.
You can set rules for acceptable purchases and also lay down the boundaries of which they can spend. If they break these rules or boundaries, you can cancel their card and have them suffer. If they get back on track, you may want to give them another chance, but until then their card is not active any more.
Closing Comments
You can let a teenager grow up and experience responsibility by giving them chances, or you can let them try on their own and get into far worse debt and credit situations. Why not guide those who need guidance and give them a reason to like you because you are the "cool" parent?
posted by Debt Consolidation Loan at
9:04 AM
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