ANSWERS: 1
  • <h4 class="dechead">On One Hand: Immaturity breads irresponsibility

    Teenagers are not mature enough to handle the responsibility of a credit card. They are more likely to run up the credit card balance without the ability to pay it back. This could not only cost the credit card companies but could ruin the teens' credit scores in the process.

    On the Other: How will they ever learn?

    How can teenagers learn about proper credit management without experience? With proper instruction, teens can properly use credit cards and help to build a solid credit history early. Why wait until they are older to teach them responsibility?

    Bottom Line

    Teenagers are known for being irresponsible, but experience is a great teacher. Giving teenagers a credit card can be a good or bad idea, depending more on the individual than the generalization. On the whole, however, it is probably best for most consumers to wait until they are older to start using credit cards.

    Source:

    The Simple Dollar

    Dave Ramsey

Copyright 2023, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy