Comments on: Why Aren’t You Worried About Debit and Credit Cards for Teenagers?

By: debtbuster

debtbuster — Mon, 31 May 2010 07:04:34 +0000

I agree with everything you’ve said. Is there any reason why so many young people these days are in debt? Wish they were all responsible money (in this case credit) users. Unfortunately this is not the case. I agree education is important. Especially in this advertising filled society. If no one teaches them they’ll learn from what the television tells them and that’s to spend, spend, spend!

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By: michele

michele — Tue, 11 May 2010 01:21:49 +0000

I have a teenager that has had his lawn care business since he was 13. About a month ago I took him to get a checking account with a debit card. I see this as a life skill that he needs to learn. He keeps the debit card register faithfully and hasn’t overdrawn. My experience so far has been a very good one using this method. Before he opened the account, it seemed easier for him to ask me to front him money for a couple a days if he knew he had a job in the near future. The deal with allowing him to get the debit card was that there would be no more loans. He hasn’t even asked. I think at almost seventeen years old and having several years under his belt of handling cash he totaly “gets” the abstract of using the debit card. He has a little money built up in the savings to use as a cushion in case he does make a math error. Now my main focus is to help him “see” the benefit of building up the savings for a longer term goal.

By: Jenna

Jenna — Mon, 10 May 2010 19:13:22 +0000

I agree with everything you have to say (especially with the swiping – hello student IDs). However, I would also like to point out that once teenagers start working (first real jobs) their views on money change – drastically. Hopefully it will spark conversations between parents and teenagers.