| Our article on helping teens build credit obviously hit a nerve. After sending this newsletter last night, I quickly received a large number of responses in favor of this information and some vehemently against it. I had never had such a quick reaction to one or our posts.
I'm obviously biased towards helping my own kids learn about credit and financial products and show them how to use them. But from the comments, many families don't believe in introducing their children to credit cards, maybe because of their own prior bad experiences. This is valid but I still believe with good education on financial literacy and a parent to guide, teens and young adults can learn important financial habits about how and when to use credit cards.
"Speaking from personal experience, I opened credit cards when I turned 18 with no guidance from my parents. I ran up credit card bills and literally paid for it once I graduated college. I will be guiding my kids, learning from my own costly mistakes. Repairing credit takes a long time"
"My 14 year old kids can't be authorized users of my credit cared til they're 16 but I plan on adding them then. I'm going to call US Bank to confirm that's the rule (it's just what I read online). They've had their own debit cards on their own accounts for years so I'm not worried about it."
"I sent my freshman to college with his own credit card for emergencies. He applied and got it on his own after 2 years with a great history on a debit card."
"Not many people make it through life without ever taking a loan. Learning the ins and outs of credit- loans, mortgages, credit cards, finance companies, and even the dreaded payday advance companies is critical to their futures. They need to see how credit works, how to determine good and bad credit risks, and learn the terms of lending in order to make educated decisions. A credit card is a beginning step. As with any beginning steps, they need to be handled with care and under guidance."
"You need to know your child...Everyone is different. Mine is VERY responsible as a freshman at college. She opened up her own cc online all by herself, and pays the bills all by herself on the 1st of the month with her pt job money. NOW my son...different story!"
There's no right or wrong answer to whether or not you want your child to have a credit card, but please don't avoid discussing credit, loans, and financial products. As a parent mentioned, it's unlikely they will get through life without ever encountering any of this.
Enjoy the weekend! Debbie | 
