Flag as Not Acceptable?
We review flagged content and enforce our Terms of Use, in which content must never be:
- Profane or sexually explicit
- Disrespectful or abusive
- Infringing of copyright
Parentpedia
Credit Cards
What Experts Say
With today's teens so much on the go, the new teenage credit cards are very tempting. They are extremely convenient, allowing teenagers to go out without carrying cash, while at the same time enabling parents to see a record of where the money was spent. They also make it easier to return a purchase or dispute an overcharge.
Unfortunately, thanks to fees and high interest rates, they can also come with a high price tag, particularly if parents don't read the fine print. And teens who aren't ready for the responsibility can learn the hard way how hard it is to get out of debt.
"Until our kids have demonstrated that they understand money in a very...
What Do You Say?
Add a Question or Write an Answer
If you are giving your child a credit card (even one with a spending limit) remember, it's not the credit card company's job to teach your child responsibility. In 1999 a Consumer Federation of America study said that 70 percent of undergraduates carry at least one credit card and their average debt was $2000. This is great for credit card companies but not so good for kids who are the beginning stage of learning to manage money. In our instant gratification society, we spend what we earn and then some. At the end of the day, if your child is underage with a credit card you have co-signed, you are responsible for that debt; so as tempting as credit cards are, remember they always come with that catch.
Have credit problems trying to get a loan they can help refinance, debt consolidation, or just trying to get an 800 credit score they can do it. I had a 535 score with there help I had a 680 in one month and I got a 0% interest on a new Yukon. And my mom refinanced her home and got a 4.625 fixed 30year after being in an adjustable rate.
Tell Your Story
 |
ParentPedia contains the opinions and views of other users. Given the interactive nature of ParentPedia, we cannot endorse, guarantee, or be responsible for the accuracy, efficacy, or veracity of any content generated by our users.
The contents of ParentPedia are intended for educational purposes only. Such contents are not intended to, and do not, constitute medical or healthcare advice or diagnosis, and may not be used for such purposes. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding a medical condition. Reliance on information presented on ParentPedia is at your own risk.
Thank You!
Thank you for helping us maintain a friendly, high quality community at Family.com. This comment will be reviewed by a community moderator.
