Advice History
Credit Cards
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.
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