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Credit and Your Family
         
         Credit Cues for Teens
               

Teens are at the age where they are becoming independent and forming their own identity, which translates into buying a lot of things.  In 2004 alone teens from the ages of 12-17 spend over $100 billion dollars in the U.S.  That means teenagers are beginning to create a financial path that could lead to spending habits that aren’t so healthy.
               

During these years teenagers can be harder to keep track of and this includes their spending.  This is an excellent time to begin teaching your teen how credit cards work and using it to your own advantage.  Some parents might balk at the idea of getting their teen a credit card, however it’s a very useful tool for helping them to use credit cards responsibly whenever they are no longer living at home and have no one to answer to.  Besides it’s not uncommon now for credit card companies to begin sending offers to peak the interest of kids still in high school.
               

Two excellent methods are to get your teen a secured charge card that has a pre-set limit that can’t be exceeded or to open another credit card for your teen on your own account.  This way you can actually keep track of what your teen is spending and see the red flags before they become a problem then address the problems and solutions with your teen. 

In this way the credit card acts like an allowance that your teen must learn to budget and manage to purchase what they want with the added benefit of giving them credit experience.
               

When the credit card statement comes in take the opportunity to sit down and go over all the different components with your teen.  They can see everything laid out in a way that’s directly connected and personally affects them, which will make it more relevant to their own interests. 

They’ll see how their credit card use causes interest to accumulate on purchases if not paid for, additional costs they have to pay for the right to use the credit, and why it’s important to pay more than the monthly minimum so they don’t run the risk of falling into debt. 

If they actually see the additional money coming out of their own pocket by not using their credit card conservatively they are much more likely to understand the benefits of paying off their credit card each month to skirt paying more and how paying for small things that can add up are better done with cash.
              

  While your child is a teen they are at a financial time they won’t likely have again where they have a clean credit slate and don’t have the financial burdens that come with college and entering the work force.  This is the time to explain what a credit report and score is, how it affects their financial health that spreads into other areas of their life, and how credit can positively and negatively affect their credit score. 

You have the opportunity to help them establish and begin building good credit that will serve them in the future.

Credit and Kids

Credit and Teens

Credit and College Students