Do you think it’s a good idea to give your child a credit card??
I remember getting my first credit card in college and it was not a pretty thing. I quickly built up massive debt just from buying clothes and going out to eat. It was nuts but I was also young and didn’t have a clue about managing money. I kind of feel that my two oldest are the same way. It’s time to be more diligent in teaching them about money management.
A big parenting debate that will probably never go away is whether or not to give your child a credit card. I think having a hands-on-experience with managing money is a great way to go. I like the prepaid credit card idea because it can be loaded with a reasonable amount of money and your child can learn money management without the risk of getting into extreme debt.
Using credit cards is not bad…it’s only bad if you mismanage them. I want my kids to know how to be responsible with their money and to be good stewards of what they have been given…
