Buying the Right Car for Your Family
There are a lot of things in life people take for granted. Reliably getting around town and getting your kids from point ‘a’ to point ‘b’ almost...
It can be daunting for any parent to give new responsibilities to their children, whether it is their own car, full access to the internet or cable, or trusting them while they are out with friends. Similarly, giving your teen the responsibility of a credit card is a decision that requires careful consideration.
There are many parents who think handing a credit card to their child is not a good option. Many others think it is a great way to teach their children about the responsibility of handling money. While many people have their own views on the question. If you're wondering if teenagers should have a credit card this article helps you understand the benefits and downfalls of your teen carrying a credit card.
Giving a credit card to a teenager is a great responsibility. Therefore, it is best to give them a credit card once they have fully grasped the concept of managing money.
At the end of the day, it is a conversation between your and your teen about whether or not give them a credit card. There are most certainly advantages and disadvantages to allowing your teen to have a credit card. An honest conversation and setting expectations is a step in the right direction, and don't hesitate to take the card back if they are abusing their new privilege.
First Alliance Credit Union offers three low-interest rate credit cards options that you can control access to using the My Cards tool in our free mobile banking app. Helping your teen learn financial responsibility has never been easier.
There are a lot of things in life people take for granted. Reliably getting around town and getting your kids from point ‘a’ to point ‘b’ almost...
Credit cards can be very convenient and useful if you know how to use them properly. Being responsible with credit cards can help you avoid a lot of...
Credit scores have a vast impact on people's financial lives. Your credit score determines what type of car or house you can afford and how much...