Would you give your kids credit cards? (party, teenager, out of control)

[IBadget]

When I was going to college, my parents gave me a credit card so that I could purchase textbooks and relevant computer software and pay my tuition. I didn't abuse the credit card until after my father died of lung cancer a little over 3 years ago. When he passed away, my mother told me that I would be getting his social security income, which I'm receiving now. I first thought that I could party, party, party with the social security income, so I started using the credit card to eat out at restaurants almost every day. My mother would flip out over the high credit card bill. She took the credit card away a couple of times to prevent me from eating out. She explained that the social security income needed to be used to pay bills, not to party.

She gave me a new credit card late last month. She told me not to exceed $200 each month. I will therefore eat home-cooked meals most of the time. The $200 limit helps me practice self-control and restraint.

[gentlearts]

We did this with our son, too. It's a convenient way to handle college expenses. If it's in your name you can start building credit. You have seen how quickly things can get out of control. A smart person uses credit, but does not let it use them. Be careful, plenty of kids have sabotaged their whole credit future with student loans and out of control credit cards. If you didn't learn your lesson and you abuse this card, your mother should yank it pronto.

[foma]

Everyone needs to learn the value of a dollar. It is so easy to spend with a credit card w/o knowing what that really means. If the child knows that value, then I would be more inclined to get him/her one. If not, then forget it! I'm not going to risk my credit! College kids can apply for their own credit cards at their campuses. I've seen many folks get out of control. Thank goodness I never did!

[strawberryfield]

I would but of course if it was abused s/he would be responsible for paying what they'd charged.

Kind of like...I have friends who put all the china, breakables up out of reach of their children (I'm not talking one year olds, but like 3 year olds who should know better). I always left breakables right where they were--they were not allowed to touch them and there were consequences if they did. Consequently, my kids were always great in homes which weren't child-proofed.

To me, this is the same thing. Rather than saying "no way", I say yes and hope my child is already responsible enough ( I was with the gas card "for emergencies" I had in college), but if they aren't, it's the perfect time to teach a lesson and they can work off every nickel which wasn't approved.

[ayannaaaliyah]

I give my daughter allowance and loose change. She saves it to buy the things that she wants from time to time. Anything outside of necessary items, she must buy with her own money, she's 8. I'm teaching her the value of money and saving. I think once she reaches high school and college, I will get a bank account and have a debit card attached so that she can only spend what she has. I don't believe in credit cards and paying back interest. I firmly believe that if you can't pay with cash then you can't afford it, outside of items like a home and/or a car.

[jessiegirl_98]

When I was in college, my brother and I both got credit cards. We could use them for gas, books, and groceries (within reason). I used the credit card for only these things and was able to keep it for all 4 years (i.e., then my parents paid for these things). My brother (who is 3 years older by the way) went out and bought 20 CD's the first weekend. He had it taken away and with it went the luxury :-)
It's good if you know the value of money and won't abuse it (also nice for emergencies...e.g., when I was driving home from school and slid into a ditch and had to stay at a hotel for the night), however, if you kid can't handle it, then they shouldn't have one. To this day, I have my own credit cards, but pay them off in full every month. My brother has credit cards and spends beyond his means (even though he makes 10x's what I do).

[Brooklyn_QueenBee]

I gave my 15 year old daughter a bank card, which is linked to her personal account. I believe that we must teach them financial responsibility--something my mother did not teach me. I started her off with $500 and she gets $180 in allowance monthly. She is only allowed to spend $140 monthly, unless she is writing a check for a school event than she may go over. I keep tabs of the account and would take the card away at the slightest infraction. Next year, she will be driving and the card will come in handy for emergencies. Next, I will get her a credit card to teach her about FICO scores. We already discussed the disadvantages of store cards no matter how much they promote their discounts. As parents, we teach and hope for the best.

[katie45]

You can co-sign for a cc with a very small limit, and there is absolutely no reason why the student cannot make the payments from their part-time or full time job. (Students can work while going to college, it happens all the time.)

And, since they are working, why even have a cc in the first place? Why not just a checking account that they are responsible for?

If we want children to act responsible, we need to give them responsibiltiy.

Maybe it's just the new way of doing things now. My generation knew all about how to make it on our own way before we were out of high school. I was learning about checking accounts and the money coming in and going out before I was a teenager. If I wanted an allowance, I had to earn it. If I wanted extra money to blow, I had to earn it first.

I'm not saying you are, but too many parents are taking on the responsibilties for their kids and not teaching them what they need to know in order to make it out in the world. If I hadn't been prepared and then had to face the world on my own at age 18 or so, it would have been devastating.

[Marodi]

debit is better imo. You have a hard limit on how much you can use, and you learn how to budget. If you spend it too fast then you have to eat ramen and drink water with the occasional vitamin to prevent diseases.

Also, if you go over you just get an overdraft fee, as opposed to aquiring compounding debt.

[Twinkle Toes]

Yes, I gave my son a credit card because he is a very responsible young man. He is older now and probably has more credit than I do!!! He paid for all of his credit card purchases and I never once had to bug him about it.