Coffee Club: How Should Kids Learn About Credit Cards?

Published 02/21 2014 08:04AM

Updated 02/21 2014 08:10AM

Although kids mature at different rates, the earlier you can teach your kids about money and credit, the better.

Experts say a good way to get your kids familiar with the use of a credit card is to actually make them an authorized user on one of your accounts.

And that may involve a lot of trust.

But, in order to stay ahead of the game, you will want to set parameters about when it is proper to use the card and how much your child may put on the card.

Then at the end of each month, go over the credit card statement with your child. This allows you to explain concepts like minimum payments and interest rates.

The important thing is to arm kids with as much information as possible so they can learn how to become responsible credit card users in the future.

When do you think kids should learn about credit cards?

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