Give a Child an Instantaneous Jumpstart
Give a Child an Instantaneous Jumpstart
Building one's credit score over the years is a difficult task. It is even made more difficult with life's little surprises lurking at the sides. However sometimes they can save this time only to be faced with an emergency instead. This kind of scenario is so common being a parent. But, to teach a child financial stability as early as possible is a greater task.
Some parents provide their kids with credit cards as an initial step to handle their finances. But with the great occurrence of credit card debt among college students, maybe there's another option for parents to make.
Credit cards are secure and have a high credit limit. But living within one's means is also a difficult thing to do. Even adults sometimes swipe things onto their credit cards they don't really need, which ultimately that builds up debt. The real danger comes when a kid might indulge in luxuries that can be easily charged into a credit card. This is then worsened when parents seize the card and pay for his debts instead. Not really a good start to financial training for a young adult.
Although prepaid debit cards are in existence since time immemorial, they are not a popular choice for most people. Users are the one responsible for "charging" this card so that they can use it. Some say they're just fooling themselves in getting one. But, reviewing some of its understated advantages it may give any kid a jump start with their finances.
Using a visa prepaid is like giving someone a weekly allowance with great convenience. This is true in the sense that miles and miles won't be traveled just to get into his university. With a minimum payment, his cash will be in his account within seconds. What's more convenient is that it can be done online or via the phone. For him to use this card makes him free of handling germ-infested cash. Gone are the days when a new college kid will call his parent collect just to report he's been robbed in his dormitory. The card's high security PIN feature will give that assurance. Even when lost, once reported to the bank, the account will be replaced good as new with the account intact.
Frugality will not be an issue with prepaid debit cards. The funds transmitted are the only funds available for the student to use. Worry no more of accumulating debt since he is limited by these funds. This will then force him to live within his means. A transaction will most likely be deferred in case of insufficient funds. In the case of an overdraft, the charges are minimal compared to a massive credit card interest.
Teach a child financial stability? Worry no more! A visa pre-paid card will give instantaneous solutions to this great task every parent has to overcome. Once The Children Can't Accept Your Divorce North Carolina Kid Custody - Laws For Making A Custody And Visitation Schedule Indiana Child Custody - Laws For Making A Custody And Visitation Schedule Oregon Custody Laws - Custody And Visitation Schedules In The Child's Best Interest Acne Skin Treatment - The Teenage Story Understanding Child Support Post-divorce Why Reading Can Help Shy Kids Cheap activities for children Shopping for Kids for Holiday Season My Teen Wants to Live with the Ex Kids Sewing Machines for All How to Create Smart Routines for You and Your Children When Parenting with Your Ex What is Child Behavior