Kids and credit are a dangerous mix
‘There are two ways to interpret most personal finance surveys.
Junior Achievement and The Allstate Foundation recently released their latest “Teens and Personal Finance” poll, which showed that 11% of teenagers have credit cards in their own name. Moreover, the poll showed that 6.2% of teens aged 13 and 14 have their own cards.
The second way to interpret that data: the parents of 11% of teenagers enjoy playing with fire, and the parents of 6.2% of the youngest teens are completely nuts.
With the average household credit card debt in America running close to $9,000, it’s a pretty safe statement that plenty of grownups have a hard time handling credit. What’s more, a huge percentage of the people who make up the “good statistics” — the ones who are debt-free, or who manage credit wisely and handle their plastic sensibly — were once part of the negative statistics and learned their lessons the hard way.
Parents who set their kids up to face those hard lessons aren’t doing the children any favors.’
Read more at Kids and credit are a dangerous mix
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