What's the right time for credit cards and debit cards?

Author	Message
Written on: 09.11.2009 [10:01]
Sherman Sherman Topic creator Posts: 2	Having emerged from the 'facts of life' discussion unscathed, how do I approach credit cards and debit cards with my children? Is there a good time to start teaching them about money, or an age at which it's sensible for them to have their own cards?
Written on: 12.11.2009 [12:29]
Maxi Maxi Posts: 5	I assume that if you've already discussed the facts of life, your children are no longer small. It's a good idea to start talking about money and money management as early as possible. The earlier your children are able to navigate the financial minefield ahead and make sensible decisions with their money, the lower the chance that they'll get into debt in the future. In terms of cards, I think it's sensible for kids to have a debit card and get used to budgeting their own spending. Just make sure their entire savings aren't at their disposal! I wouldn't recommend a credit card for anyone under eighteen, but that's a personal thing! I think there's enough time to work out credits, debts and repayments when you're older...
Also very interesting: Can I get a credit card? No credit history! What's the best way to organise my home finance with credit cards? Can or should you lease credit card machinery? Paypal to replace using credit/debit cards? Can I get a Mastercard prepaid card? What's the right time for credit cards and debit cards? How to take advantage of the “Tesco credit card abroad” offer? Is a prepaid credit / debit card more hassle than it's worth? Don't have credit card & Fotolia doesn't take debit, help! How many credit & debit cards is normal?
Written on: 26.11.2009 [10:15]
Marianne Marianne Posts: 4	Can you even have a credit card before 18? I would have thought it would not be allowed as you cant have an overdraft before you are 18 either.....