Kids and Credit: What They Need to Know0
Parents, when your children turned 16, did you just toss them the keys to the family car and hope everything would work out for the best? Probably not, right? Instead, I’ll bet there were hours of driver’s education and countless miles of quality time co-piloting your prospective drivers before they went solo — all in the interest of safety. As parents, we’re generally pretty good at developing this skill in our children.
Unfortunately though, we’re not so good at teaching them another skill necessary to keep them safe, this time in a financial way: How to manage credit and stay out of debt.
To help fill this glaring educational gap, here’s an outline of a parent-taught course on credit cards that I urge you to share with your children before it’s too late.
Here’s what they need to know: