Does Your Child Have A Credit Card?

We’re not talking about a stolen one, we mean have one either in their own name, or access to one that they’re allowed to use. The trend of kids having cards is growing fast, nearly doubling in the last couple years, and there’s good reason for that.

About 1-in-5 parents have a credit card for their children, whether it’s in the kid’s name, or the kid is just an authorized user on the parent’s card. That’s up from 2015’s 1-in-10 parents.

Some argue that children, mostly teens, can run up huge bills, but others argue that it’s a great learning experience and will actually help teach money management and responsibility. It will also help to build credit, so when they need student loans, or even want to buy a house or car in their 20s, they’ll have a credit history which will make things easier for them.

Basically, if you monitor the card and teach them about how it can turn bad quickly, it seems to make good financial sense.

Source.

More from Mark S. Allen In The Morning
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