Comments on: Why Give My Kids a Student Credit Card?

By: Peter

Peter — Tue, 22 Dec 2009 15:57:34 +0000

I think it’s important for parents to be involved in their children’s education, and to teach them about the proper management of their money. With that said, I’m not so sure that you have to get your kid a credit card to teach them about reponsibly managing money, or responsibly using credit cards. Why not teach them about the power of saving up and paying cash for the things they buy? I think that would be a much more powerful lesson in the long run. Yes, you can teach them about credit cards, but why set them up to learn the hard way when you can teach them about saving/investing and paying cash? If you do that they’ll be far ahead of the curve! I think more people should teach their kids that it is ok and possible to live life without credit cards!

By: FinanciallySmart

FinanciallySmart — Fri, 18 Dec 2009 01:43:06 +0000

This article is very insightful and I am in total agreement with you. As parents we should instill that responsibility of money management where Credit Card is concern. I hope parents will not see the CARD policy as an hindrance but use it in teaching their kids.

By: moneyblogger1

moneyblogger1 — Mon, 14 Dec 2009 21:13:13 +0000

This is a great opportunity for children, with a lot of parent activity, to learn about credit cards. Teaching them to pay bills, regulate their spending, and build credit at the same time. That is, only if the parents are involved enough to help nurture the child finality understanding.

By: Ken

Ken — Mon, 14 Dec 2009 10:58:14 +0000

Given the fact that they will be offered one as an adult, I think it’s OK to allow one if the child is working age (14-16). If he/she uses the card, he/she makes the payements. It’s a risk but I do think we as parents need to be proactive and educate our children.

By: partgypsy

partgypsy — Sat, 12 Dec 2009 12:47:15 +0000

But my ambivelance, though I think it was beneficial, not sure if it needs to be a law.

By: partgypsy

partgypsy — Sat, 12 Dec 2009 12:44:51 +0000

I’m not sure how I feel about the new law. (20 years ago) though high school and college, I had a checking account and used that for depositing and paying for the things I was responsible for (in college, that was all living expenses). After college I applied for a credit card. Wouldn’t happen today but my first application was turned down: insufficient credit. So I applied and received a store credit card, used that, paying off the balance, and then on to a regular credit card. I’ve never not been a responsible credit card user. On the other hand I knew kids in college who had cards through their parents who spent irresponsibly. Maybe I’m an exception, or maybe the fact I didn’t get a credit card until I had already learned good financial habits through a checking account and was older and more mature was to my benefit.

By: coulson pritchard

coulson pritchard — Sat, 12 Dec 2009 10:08:57 +0000

This is not really physical that you are not able to pay your bills and using credit cards.there was an easy way for my parents to let me know since it seems like the only way to truly understand is if the money had to come out of my own pockets. Try to understand Business Service and their usage in a proper way.

By: MoneyNing

MoneyNing — Sat, 12 Dec 2009 05:55:46 +0000

Let’s keep it civilized guys.

It’s true that the author is most likely making money from promoting credit cards, but he’s talking about the benefits no different than a Starbucks personnel mentioning the richness of its coffee, or a tailor selling the fact that we look good in the suit.

Credit card has its benefits but can obviously be misused. Whether you are debt free or not has nothing to do with credit cards, but everything to do with the user.

By: Credit Card Chaser

Credit Card Chaser — Sat, 12 Dec 2009 04:55:54 +0000

@ “Mr. ToughMoneyLove”

Very interesting – you managed to roll up the Genetic Fallacy, an Ad Hominem Attack, an Appeal to Motive Fallacy, and the Cherry Picking Generalization all into one brief comment. Quite impressive that you were able to combine that many logical fallacies into just one quick comment! Maybe next time – Joel

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Sat, 12 Dec 2009 01:17:39 +0000

Another credit card evangelist who makes money promoting credit cards. Do not pay any attention. My three sons made it through college just fine without a credit card. Surprise – they are debt free. I get so tired of reading posts like this.