Teens are using credit cards at higher rates than ever, and with that high level of usage come significant risks. According to the Jump$tart Coalition, nearly 32% of high school students use a credit card either in their own name or in the name of a parent. If teens aren’t properly educated on using credit in a responsible manner, bad spending habits may develop and careen out of control later on in life. Parents and even educators need to initiate conversations and encourage teens to take on new financial responsibilities one step at a time. Young adults should have a savings account and debit card long before they begin using a credit card, as these financial instruments provide foundational, low-risk experience in managing one’s finances. For more tips on teaching teens about credit, read what bankrate.com has to say. Link to the original story: http://www.bankrate.com/finance/credit-cards/educating-teens-about-credit-1.aspx
Wow! Interesting!