You might be among the 29 percent of parents who have had their child use a credit or debit card without your permission. Or you might be among the 52 percent of parents of have let their children borrow one.

Do you fit into either one of those categories? Then you probably understand the risks associated with unsupervised spending. Most kids under 18 are too young to understand the complexities of how those tools work. And because of that, parents often find themselves in the difficult position of paying bills that they weren’t prepared for.

The best thing you can do is talk to your kids about basic personal financial skills early. Ensure that they know the difference between credit and debit, and how they both work, before you find yourself in the position of paying off your child’s debt. Read this article for more information.

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