Teen Credit Card
If your Son or Daughter started their college life then they would require money to spend for their purposes . Providing them a Card is good Idea ! but do they really know the pros and cons of the same ? You just want them to be financially independent so that they need not come to you everyday for pocket money or any other expense which they incur in the college days. Worried whether or not to provide them with a credit card ? Do they really understand the issues associated with credit card and the payment structures.
how do you address this problem ?
The solution is quite simple , With the Teen Credit Card the problem will be solved . Before going provide one to your son or daughter understand how much you can afford and what is that your children are likely to spend . If misused then it can burn your pocket too. Think wisely and if possible talk to the credit card provider about the credit limit set . Afterall its your hard earned money .
Other reason for giving a Teen Credit cards to children is that they should know the value of money and what it takes to earn money . Having a credit card for your children will help in many ways. One advantage is that when they grew up and start their independent life they will have good credit history with them which is ofcourse earned by you on their behalf which will inturn help them to acquire loans or other credit cards .
Usually parents give the Credit cards to children but they never involve them in the payment procedures . Doing this can some times lead you into a serious trouble . Children often tend to spend on whatever they like and never bother about the money which is actually paid by you . They never realize the value of money . The Best Idea is that to encourage them to pay bills for their own necessities . Paying bills for the Internet which they use and DVD's got on rental basis etc.. Doing this they come to know that nothing is free and they have to pay back what ever they have used .
The Credit limit on the Teen Credit card should be kept low , talk to children and understand their day to day needs and you can set a figure for all expenses which they incur per month. This will help and your kid is not spending more than what he is expected . Try to inculcate the habit of keeping the bills with them and ask them produce whenever you feel like . Doing this you can know where they are spending money and on what . Giving them the power of plastic money will help but at the same time some precautionary measures have to be followed which are mentioned above .
To Conclude with , Your Loved ones should always know what it takes for their Mom/Dad to earn money and how difficult is to make both ends meet . so what are you waiting for .. Give them the Teen Credit card and let them start their career and reach to greater heights after finishing the college .
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