Comments on: Teeny Credit Cards and Big Problems – Are Credit Cards for Tweens and Teens a Good Idea?

By: cjaferreira

cjaferreira — Thu, 05 Jun 2008 08:40:57 +0000

Congratulations on your beautiful blog. It’s nice, useful and a great counsellor on the christian perspective.

I agree credit cards make families fall in debth and finally some of them get divorce because of that.

God bless you so much and give you light enough to continue helping people to get out from debth and avoid credit cards.

Cferreira

By: Recommended Readings for 6-01-08 « Vanessaterreto’s Weblog

Recommended Readings for 6-01-08 « Vanessaterreto’s Weblog — Thu, 05 Jun 2008 08:02:26 +0000

[...] Teeny Credit Cards and Big Problems – Are Credit Cards for Tweens and Teens a Good Idea? at beingfrugal.net [...]

By: Saturday Roundup - May 31st, 2008 - Motivated Weekend edition - Credit Withdrawal - Helping You Kick the Credit Habit

Sat, 31 May 2008 13:05:46 +0000

[...] Frugal – Teeny Credit Cards and Big Problems – Are Credit Cards for Tweens and Teens a Good Idea? Wow, is there a way to say NO times infinity? I kind of look at it like teen smoking. [...]

By: The Friday gathering for 5/30/2008

The Friday gathering for 5/30/2008 — Fri, 30 May 2008 10:32:12 +0000

[...] Teeny Credit Cards and Big Problems – Are Credit Cards for Tweens and Teens a Good Idea? from Being Frugal [...]

By: Don’t Feed the Alligators » Blog Archive » Weekly Feeding 5-29-2008

Fri, 30 May 2008 00:56:29 +0000

[...] at BeingFrugal.net provoked a lot of responses on both sides of an article about giving teens and tweens credit cards. « Frugal Baby Part II: Feeding [...]

By: Lynnae

Lynnae — Fri, 30 May 2008 00:18:02 +0000

Wow, I missed a lot by running errands today! Lots of great discussion here!

You can all probably guess where I stand on this subject. I think Marci said it so well, I don’t have anything to add.

And I also agree with Bonnie. There are a lot of things children need to learn before they head off to college. If they have a good grasp on budgeting, delayed gratification, and taking care of their finances, then and only then should a credit card be considered. And even then, it’s not a necessity, so I wouldn’t push it.

By: pamela munro

pamela munro — Thu, 29 May 2008 18:51:13 +0000

My heavens! Give adolescents who are notorious for lack of impulse control as a group – access to plastic? Bad idea. Give them cash $ & let them figure that out FIRST. Then if they prove responsible a pre-paid debit card and perhaps then on to credit – IF they have an income source to bail them out. But please teach them THRIFT and DON”T teach them about instant gratification & you will be doing them a BIG favor!

By: Easy credit card information! | Credit card tips and information » Teeny Credit Cards and Big Problems - Are Credit Cards for Tweens …

Thu, 29 May 2008 18:18:59 +0000

[...] Read the full story here.. « Credit Cards Club Helping Children’s Charities With Your Credit Card » Sorry, comments are closed. [...]

By: marci

marci — Thu, 29 May 2008 16:46:50 +0000

I don’t believe in using a credit card unless it is paid off in full every month even if it’s an emergency- mine is rarely used…. And I don’t even have a debit card – imagine that. I find cash works just fine, along with an old fashioned checkbook. And my credit number is excellent due to this.

So while it might be nice for kids to learn early, these things can be explained at home while you are paying bills. I don’t think they need their own credit card to ‘learn’… My first card was obtained in my 20’s – the good old Sears card – my own. My parents had advised me to pay it off in full as soon as the bill arrived…so I did. Having the card was a ’status’ thing…..

People can live just fine without credit cards so why push them at such an early age? It is NOT a necessity – it is better, in my opinion, to save up and pay in full up front for things – meaning if I use a card online or for convenience (instead of an online check payment), I will pay it off in full as soon as the bill arrives.

Why let a kid think that credit cards are to be used commonly when there are better and more credit-wise ways to do things? It’s just a bad mindset to get into so young, in my opinion.

By: Bonnie

Bonnie — Thu, 29 May 2008 16:29:23 +0000

I think the same lessons in financial literacy can be taught by having a credit card that you use for family expenses and using that card in front of the child, and then sitting down with them and the bill and the household budget and going over the bill every month.

Most parents do their bill paying away from the children. Involving them is an important step in helping prepare them for the outside world.

By the time my 5-1/2 year old goes off to college, she will know how to balance a check book, dispute a credit card charge, budget for food, set aside money for savings and charity, read a credit report and live within her means. I don’t need a credit card company to charge exorbitant fees for that.

Whatever happened to just putting a folded up 20 in the shoe for the emergency cab ride? Or knowing the number of the local charity that gives rides for free if your friends are drunk?