It seems as if the world continues to change, especially in the way we deal with money. Once upon a time, only a select few organizations would issue what were called charge plates. Obtaining a charge plate was often a very difficult task and meant you had stellar credit. Today, however, credit cards are a common means of conducting all sorts of transactions. Further, they are no longer limited to those with the best credit, or even just for adults. Teenage credit cards are part of the consumer landscape today. But are they a good idea? Many financial experts affirm that credit cards for teens are actually an excellent idea. Here are a few reasons why.
Credit Cards Are The Norm
In today's world, learning to deal with credit cards is almost a must. Many merchants prefer to take plastic these days, and the fact is that more and more businesses are geared toward processing credit charges rather than dealing with currency. Getting used to using a credit card can be very important for a young person. The advantage to beginning during the teen years is that there is still time for the parent to provide guidance in the management of the account, and help the child to develop both a familiarity and a sense of responsibility with the use of credit.
Teenage Credit Cards Teach Financial Responsibility
While the element of familiarity may come somewhat easy, the responsibility may take a little longer. The sheer headiness of having a credit card will give your teenage child a sense of power. He or she may want to use that power whenever and however the mood strikes. This is where the parental guidance factor comes in. By helping your child develop healthy attitudes toward the use of credit cards, you can minimize the chances of them making serious mistakes with credit during their early adult life. Don't be surprised or disappointed if they go a little crazy at first. Since you as the parent can make sure the account is only equipped with a certain credit line, it is possible to keep the damage to a minimum. At the same time, you can also make sure the credit limit is sufficient to teach your child a lesson if he or she pushes the balance up to the maximum within a month or two.
As your child begins to understand that teenage credit cards provide convenience but also require responsible management, they will begin to get a better appreciation of the relationship between income and expenses. This is exactly what you want to instill in your kids at an early age. Chances are you have already done this with cash, but the fact is that credit cards are different. That temptation to pay the minimum each month while continuing to run up the balance is often very tempting. The teen years are a good time to learn what happens before this sort of activity becomes a pattern, since there is still the safety net of being at home.
A Life Lesson
When your child gets into a snag with the credit card, use the situation as an opportunity to teach them how adults deal with temporary financial straits. While it may be rough for a short while, in the long run you will be instilling sound financial practices in your teenager that will serve him or her very well in the years to come. So go ahead and look into teenage credit cards for your child. Years from now, you will be glad that you did.
The easy way to get teenage credit cards is to get one of the great choices of student credit cards that Discover offers. For easy application and quick customer service go to http://ontheplastic.com
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