The Best Credit Card to Help Your Kids Get and Understand Credit (cont.)
Contributed by Lisa Marie
Some food for thought- Our kids have everything and have to wait for nothing. If they're hungry, they can pop something to eat into the microwave. If they're out and about and hungry, they don't even have to get out of the car. They probably have never even had to get up to change the channel on the television. And if they desperately need or want something, us, the parents have always been there to flip the bill on our credit card. That's why teaching them about credit and credit cards this way, I believe, is the best way to go.
The second best thing about a secured credit card
Your kids won't have to pay ridiculous fees that are involved with some credit cards for people trying to establish credit. Although they do have to pay interest and see for themselves that the interest paid is the majority of their payment, leaving them with a credit limit of much less than they thought, we don't need to watch them pay processing fees, monthly fees, set up fees and a hundred other fees associated with some cards.
We are still here for our kids, and hopefully will be for a long time. We also don't want our kids to make the same mistakes that we made, but we can't just tell them about it. W have to prove it to them and allow them to see for themselves how credit and credit cards actually work.
