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Guest

Hi,

My daughter is just 17 and she landed up with a job at the spencer's . It's only today that she got a mail from a cc company regarding a credit card. She does not have on and I wouldn’t prefer her to have one as hardly she knows how to manage her money. But then she is willing to. I don't know how to stop here…it's bothering me how the cc company got an info about her actually, I just pray no more such mail comes in.

Guest

not a problem if the company is a good one. First find out which company it is and what are the terms and conditions.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Guest,

It can be a very dangerous if you do not educate your child before she gets a credit card for her. So, if you can make her understand how credit cards work and how she can manage her credit, it will be a great help to her. Then she will not face a problem further.

jenkin7 · Posted: Sat Sep 29, 2007 5:08 am Post subject:

Hello Worriedmom,

Credit cards are helpful in developing a sense of responsibility in the teenagers. If it is handled properly, it helps her to establish a good credit history which will be beneficial in the years to come. It would be better if the first time users are given the card with a low credit limit. You should keep a watch on her spending and monthly payments. The misuse of the card might result in serious financial problems. So once you find she is not responsible enough to manage her credit, hold it back and give it to her only in emergencies.

livinginnky · Posted: Sat Sep 29, 2007 11:56 am Post subject:

No No and um Noooooooooo....

Now don't get me wrong. I am sure that we all have perfect children and none of us ever got cc's at the start of our adult lives. But I personally don't think cc's are ever a good idea. I agree with my Grandfather, if you can't pay cash you really don't need it.(my broker disclaimer- except for mortgages of course) And don't give me the but I can't afford it any other way garbage... because if you do the math, if you could afford the credit card charge then it probably wouldn't take that long to save up. We live in a society of give it to me now! It isn't too hard to save for a year or two or three to get what you want. If you are healthy then you have a long time to live so what is a few years.

Now I know, now you are saying, explain this to my 17 year old and that is a completely different conversation all together (one I am definately not qualified for and have another 7 years until I have to do it)...

dcrum0 · Joined: 18 Feb 2008 Posts: 19 10.23 Dollars($)

I think i's perfectly fine for a responsible adult to have a credit card. However, I don't think that at the age of 17 she is financially resonsible enough to have a credit card. At 17 we are still not sure about what we need and what we want. I'm sure there are exceptions to the rule but for the most part not. It's hard for most adults to control their spending habits and at age 17 its hard for them to realize the horrible effects that debt can cause in their lives. She should be more focused on saving for the future instead of how to borrow.

I agree with livinginnky on this one. If you don't have the cash for something then you probably don't need it. I do have a credit card that I use for my monthly expenses, but I always have the money in the bank to pay for it at the end of the month, as well as an emergency fund to pay for unexpected expenses.

If she has both of those things in place then maybe she is responsible enough to learn about how credit cards work and how much responsibility goes along with them.

Jessica · Posted: Tue Feb 19, 2008 4:18 am Post subject: RE: financial moves

Hi Dcrum,

Welcome to our community forums.

The emergency fund is something that I too maintain. I think certain things are necessary if you wish to manage your finances...such as an emergency fund, a retirement savings plan such as 401k, a flexible spending plan etc. One needs to keep aside cash for financial obligations as well as health-care costs too.

Regards,

Jessica

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

A word of advice from someone hwo has gone through this. I thought it would be a good way to establish credit for my 18 yr old son. No way .It is to them and endless supply of cash and to much temptation for the young and inexperienced.He ended up with 2 ccs and over the limit on both and not the ccc are harrassing all of the family.talk to her and ask that she wait , she is only 17 so if you get one anyway get like a 200.00 one, look at limits.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I would really have to sit and think long and hard on this one, a teenager with a credit card. Has she been showing up for work, being responsible? If she is she may do okay, just make sure that she only charges things she can afford, It may be a wonderful opportunity to start credit for her.

But my question would be can they hold a minor legally responsible for debt? I did not think this was possible. I learned something today. Very Happy

Guest

Well jbarto as Eric says, no minor will be held liable for non-payment of debt.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

They will probably have a co signer or an adult that will be responsible for the payment, if the minor can't pay.

chloejoanna · Joined: 20 May 2008 Posts: 37 16.09 Dollars($)

Sit down with her and explain the concept of a credit card and what implications she may face that way she will enter into it with an open mind or will decide its not for her.

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Should teenagers go for credit cards?