Credit Cards and Teens: A good or a bad idea?
Teens were described by one parent as hormones in basketball shoes. Indeed, teens can be wild and unpredictable. A popular old Beach Boys tune describes how a teenager skipped school to drive fast in her fathers T-Bird convertible car, and many parents know from personal experience that teens often do their own thing with or without parental permission. So when it comes to empowering them with a credit card, the controversy rages. Some say it is a terrible idea, because kids who lack financial smarts and fiscal discipline will abuse the credit card and create havoc with their parents good credit and household budget. Others support the teen point of view, however, and point to the fact that teens who are given responsibility at an early age often grow up to be more responsible adults.
The jury is still out on which point of view is correct, and many of us think that there is truth in both of those viewpoints. Yes, kids tend to be rather irresponsible as teenagers, especially with money. But on the other hand, those who learn to handle money wisely do evolve into more budget-minded grown-ups. The good news is that no...
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