Do you think your child should have a credit card? What are reasonable ways to help teach financial responsiblity?

Similar questions: child credit card reasonable ways help teach financial responsiblity.

I started my kids with their own booklet savings account when they were about 10 (daughter) and 12 (son) years old.... 20 years ago. A neighbor used to "hire" them to help her clean the yard giving them money. They got money for birthdays and holidays.

They were so proud going to the Bank and seeing the booklet register the additional deposits. They should have a credit card when they hold a full time job and they are fully prepared to handle the consequences however I did give each one a credit card when they went to college out-of-state and we opened a Bank checking account with an ATM card for each. I absolutely controlled everything and they could not touch it without my permission.

The credit card was to be used when they needed books, a new pair of sneakers or anything else that I would pay from home. Often after a good grade I would tell them: "I'm treating you and 3 friends to dinner on me. Use the credit card."

Or telling them they could buy a pair of jeans or anything else that they had asked me before. They loved the surprises. The threat was: "If you use the credit card without permission you will lose it."

They were very responsible and obedient about it. In the Bank checking account they had their own spending money, money I added for expenses that we would cover for them and sometimes I would add $100 to each account for them to have cash on hand when needed. Many times the university had something that a check was needed and they could write their own checks.

They would come home every couple months and I would sit down with them and teach them how to do the Bank reconciliation, understand about the checks in transit etc. This account was great because I could transfer money quickly into their account. It paid off. Today, both in their 30's, are very knowledgeable about banking, bills and handle their finances very well.

The best thing I did in my life is taking some accounting courses in a community college because I wanted to make sure I knew how it worked. While the kids were little I became a free lance bookkeeper and had many customers.It is important to teach them early because they will use it all their lives. When I was young no credit cards existed.

If you did not have the cash you were lost. Credit cards give a wrong impression of a non-existent buying power and some people just cannot handle. Not everybody should have a credit card.

They can go bankrupt and never learn a lesson.

The credit cards were ours and we got additional cards in the kid's names, under our account. We had limited these cards for them to $2,500 max each. Here at home being an adult or not did not make a difference.

Our cards, we controlled them. They were in college from 1995 on and that time they had a Bank ATM card. It was not a Visa.

If you did not have the funds you could not take any money out and each daily withdrawl limit was set up to not to go over $30. We had a verbal contract with the kids. We were always fair and generous but we had high expectations and they met them.It had to be OUR WAY or we would drop everything.

They knew that hubby and I worked real hard at our professional jobs and long hours. Managing paying for two kids in private universities (2 years at the same time) took quite a lot to make sure we paid everything. The money that came in, went out..... Oh, boy, the stress!

I'm so glad we have an easy retirement now.

One of the biggest problems many people are facing is credit card debt. Last I heard, the average credit card debt was north of $15,000. But whatever it is, it is too much.

Teaching children to be responsible with money is one of the most important things parents can do for their children. It starts with understanding that credit is an advance of money you have to earn. Show them how compound interest works and what the rate of interest is on the credit card.At 14%, it does not take long for a $1000 purchase to turn into a nightmare.

Believe it or not, most kids don't get it. So they need to be educated. I think a better alternative to a credit card is a debit card.

This teaches them to prepay and to not spend before they have the money. Parents can work with the children to monitor the account and make sure there is sufficient money there for emergencies. Credit cards are very convenient.

If the kids can learn to pay them off each month, then there is no problem having them. The problem comes when they can't defer their gratification and they buy before they have the money. Hope this helps.

Some college kids try suicide since they get a huge debt in college. They should not give credit cards to anyone who is not earning enough money to pay bills.

Credit is financial quicksand for most Americans. " "How can I get some financial help? " "I am 23, and have never received financial help from my father.

Can I sue for back child support? " "Can I receive my financial aid check if I owe child support it's not on my credit or anything the child is barely a year.

Did you know that the House Financial Services Committee is voting on the Credit Cardholders Bill of Rights.

Who is the Managing Partner of GrowthField Financial Services.

Can you tell me where to find books on understanding the financial services industry.

Credit is financial quicksand for most Americans.

I am 23, and have never received financial help from my father. Can I sue for back child support?

Can I receive my financial aid check if I owe child support it's not on my credit or anything the child is barely a year.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.