My kids have always been interested in credit cards, as are many kids. It seems to them that it is a magic card that can be used to get anything you want. They do not see that there is real money involved, and this could potentially lead them into trouble when they get out on their own.
When your teen is out shopping with you, or begins to show an interest in shopping, this is a perfect time to talk with him/her about credit cards and their place in your life. You may want to share personal success and/or failure stories with them. Be sure and tell them how important it is to conduct a credit card comparison when the time comes for them to apply for one, and not to just blindly accept the first one they get in the mail.
Talk to them about the interest rates that credit cards carry. Let them know about how much that adds to the monthly balance. Have them check into 0% credit cards. Teach them about balance transfers . Let them see you pay off your credit card debts each month. If you do not, let them know about how this carries over to the next month.
Because it is so easy to get a card these days, it is imperative to honestly dicuss this issue with your teen and help him/her to make healthy credit card decisions. Using a credit card guide can help you know what questions to address with your kids. Brushing up on information before you discuss it with your adolescent could aid in your passing on information to help him/her make healthy financial decisions.