Should a teenager have a credit card?
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Should a teenager have a credit card?
| Tue, 03-09-2010 - 11:26am |
Below is an article I found on Dave Ramsey's site.
| Tue, 03-09-2010 - 11:26am |
Below is an article I found on Dave Ramsey's site.
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My DD (14 years old) has a debit card through PayJr. It has worked well with her. I put her allowance on there every month at the end of the month. She has been great about watching her spending with it.
http://www.payjr.com
Interesting article.
I was a disaster with my credit card as a teenager.
Kate
No! Teenagers should not have a credit card! I know some 40 year olds that should not have one let alone a pre adult type person.
We do cash only here.
I probably would let my kid have a card if I felt they were responsible enough, if I watched it with them and used it as a teaching experience. I would also only allow it if the card was the kind you load money on in advance (more like a debit). I do think using credit/debit is a skill that is important to learn.
I got my first card after I was married. My husband and I racked ourselves with worry about getting it and the possible problems with spending too much on it would cause. Flash forward more than a decade and I wish we had gone with our gut instinct and not gotten one.
I think it would have been just fine if we hadn't gotten a card with a huge credit limit - it started at over $14K and is about $30K now. That limit made it way too easy to get into more trouble than one with a low limit.
First Debt BUSTED 2/12/10
Second Debt BUSTED 2/26/10
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