America's Magic Wand: the Credit Card (cont.)
Contributed by Jessie Hart
The Younger Generation and Credit Cards
As a result of the bad spending habits of their parents, the younger generation seems to have developed unrealistic notions about what a credit card will do for them. Sadly, when college age students are out of the house and living on their own with their credit card in hand, it is all to easy for them to fall in to the pit of over spending. This school of hard knocks may instill in some the seriousness of exercising responsible credit, and for others, it may start them down the slippery slope to unmanageable debt.
Believe it or not, professionals believe that one of the best ways to teach the young people how to manage credit responsibly is by introducing it to them at a younger age, sometime during high school. There are many credit cards designed especially for teens that have special parent-specific features that can help moms and dads to keep a tight reign on their child's spending.
Having a credit card at an age where the child is still under a parent's financial covering can be very valuable in helping him to debunk the legend that credit cards equal "getting whatever you want whenever you want it." Using wisdom, the older generation can inform the younger one about the credit mistakes that we have made and encourage them to make smart choices when it comes to that little plastic card.
