Credit Cards For Teenagers
Teenage credit cards are those cards which are signed by a teen and an adult
, the adult would be a co-signer and in charge of making sure payment is made for the card. In earlier days credit cards were given only to adults after verifying their income details. But in this era, credit cards are now introduced for boys and girls of younger age, i.e. below 18 years of age. This type of card is very famous among students of high school, and is on the rise.This card can be very useful for teens. It can give teens some banking knowledge,and help them to learn about credit etc. of course this is under the guidance of their parents. The term credit is very important, and understanding this term is very important, as it is very precious for ones financial stability. This will ensure that they are more responsible with their spending rather than wasting money. If proper guidance is given to the teen it will ensure that they save their money and maintain proper budgeting. Therefore, in the future if the teen has a proper credit history, then he or she would be able to get various types of loans, such as, automobile loans, home loans, etc. Hence, it will help the teen to be more responsible towards money and investiments when they've really earned it, and it will drive them to the correct way of saving and being independent.
Teen credit cards also have some disadvantages, one being that it could steer the teen to extra and excess spending. This type of card wont let them understand, or realize the harmful effects of improper spending if they have no proper guidance when spending. If the amount of spending goes beyond the limit, then the parents will have to pay back the excess money to the providers. This type of card may make the children less responsible in theinking they have someone elses money to spend and they don't have to pay their own bill. Hence, parents should keep a certain credit limit to help avoid damages.
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