When and how to give your kid a credit card
Nearly one in 10 parents with kids under 18 say that at least one of those children has a credit card, according to a CreditCards.com report released Monday.
Even worse: Among parents who have credit cards, 21% said their kids have used the parents’ card without permission, the CreditCards.com survey revealed. How old and mature is your child? Just because other parents are giving — or letting their kids borrow — credit cards at age eight, doesn’t mean you should. “It’s hard to imagine a scenario” where it makes sense to give an 8 or 9-year-old a credit card, says CompareCards.com’s Matt Schulz. He says that the later teen years are probably the most appropriate for giving a kid a credit card — but this all depends on how mature and responsible with money they are.
Setting spending rules is also important for borrowing: “Before you lend the card, make sure that your son or daughter knows what you expect from them and what the boundaries are, then be clear on what the consequences will be if they don’t live up to their end of the bargain,” says Schulz. “It's important to have those conversations in advance.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seven U.S. cities make up half of country's gentrification, Washington D.C. and New York lead displacementGentrification overwhelmed seven of America's largest and wealthiest cities, with coastal urban areas such as New York City and Washington D.C. contributing to a majority of the nationwide economic displacement.
Read more »
More than half of young people in the US are single, survey findsA new survey from researchers at the University of Chicago found that over half of Americans between the ages of 18 and 34 do not have a steady romantic partner.
Read more »
Poole, Michigan dispatch Florida with strong second halfJordan Poole scored a game-high 19 points Saturday, and second-seeded Michigan p...
Read more »
Tennessee survives second-half scare for OT win vs. IowaJunior power forward Grant Williams scored six of his 19 points in overtime as T...
Read more »
Swiss survive difficult first half to beat GeorgiaSwitzerland survived a difficult first half and overcame the absence of forwards...
Read more »
Flags at half-mast after Utrecht shooting, police search for motiveFlags flew at half mast on government buildings across the Netherlands on Tuesda...
Read more »
China imports, exports rebound in first half of March: ministryChina's imports and exports rebounded in the first half of March, Gao Feng,...
Read more »
Passive investing now controls nearly half the US stock marketMarket share for passively managed funds has risen to 45 percent, up a full point from June 2018, according to data this week from Bank of America Merrill Lynch.
Read more »