Should a teenager have a credit card?

iVillage Member
Registered: 02-19-2003
Should a teenager have a credit card?
13
Tue, 03-09-2010 - 11:26am

Below is an article I found on Dave Ramsey's site.

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iVillage Member
Registered: 10-28-2006
Tue, 03-09-2010 - 11:50am

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


iVillage Member
Registered: 08-24-2007
Tue, 03-09-2010 - 12:01pm

Interesting article.


I was a disaster with my credit card as a teenager.

Kate


empty purse

iVillage Member
Registered: 11-14-2008
Tue, 03-09-2010 - 1:35pm

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.







iVillage Member
Registered: 08-02-1998
Tue, 03-09-2010 - 1:54pm
I would say it depends on the teen, of my 3 children, 2 had credit cards as older teens(18 and 19), (secured card for my youngest) My oldest has never had a credit card and will never get one. The 2 that have cards are very good at paying off their cards each month if they use them. I think they learned a lot by watching their Dad and I make all the mistakes when they were younger.


iVillage Member
Registered: 05-26-2004
Tue, 03-09-2010 - 1:55pm
No I don't think teenagers should have credit cards. My daughter has a habit of losing her library card 3 times in one year and I'm supposed to trust her with a CREDIT card and NO job??
Community Leader
Registered: 07-26-1999
Tue, 03-09-2010 - 2:20pm
Teens can learn financial responsibility just as well with cash and a debit card.
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iVillage Member
Registered: 05-20-2005
Tue, 03-09-2010 - 2:33pm
I had two credit cards when I was 16, Mervyn's and Emporium Capwell.
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iVillage Member
Registered: 03-27-2005
Tue, 03-09-2010 - 3:46pm

We do cash only here.

iVillage Member
Registered: 12-21-2004
Tue, 03-09-2010 - 6:02pm
When my daughter got her first job as a camp counselor the only way to get paid was through direct deposit so we had to open her up a checking account - no where would accept checks in the town she worked in - since they were out of town checks - and so she got a debit card - that is all she ever uses - and that has been since May of 2007 - no problems at all so far (thank goodness).
iVillage Member
Registered: 01-16-2010
Tue, 03-09-2010 - 11:46pm

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

First Debt BUSTED 2/12/10 Second Debt BUSTED 2/26/10 Third Debt BUSTED 3/19/10

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