Would You Give Your Kid a Credit Card?
Yeah, why not teach the kids the American way as soon as possible? Nothing like the lesson learned from racking up insurmountable debt. But, be careful.
According to a recent survey by CreditCards.com, 8% of parents admitted to giving their kids a credit card. Of course, you can't get you own credit card until you are 18 but parents can add their kids to their credit card account.
On the downside, over 20% of parents say their kids have used the card without permission at least once.
I think if I did supply my kid with a credit card . it would be under the condition that it would only be used in emergencies or with permission. I wouldn't want them stuck somewhere without cab fare, etc.
It would also teach them about credit and establish trust. On the downside, it could lead them to become more reckless with money. Buying things they can't afford and maxing out your account, affecting your credit score.
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