Comments on: 5 Tips for Credit Cards and Teenagers http://sweatingthebigstuff.com/5-tips-forcredit-cards-and-teenagers/ Spending Wisely: Making Smart Personal Finance Decisions Wed, 08 Feb 2012 02:07:00 +0000 hourly 1 By: Daniel http://sweatingthebigstuff.com/5-tips-forcredit-cards-and-teenagers/comment-page-1/#comment-4257 Daniel Sun, 01 Aug 2010 02:58:25 +0000 http://sweatingthebigstuff.com/?p=2802#comment-4257 @Financial Samurai, Great point. Your parents are the ones who let you get a credit card, so unless you have a small limit on your own card (which will happen if it's a teenager), the bill will be the responsibility of the parents too, so they'll ultimately be the ones paying. @Financial Samurai, Great point. Your parents are the ones who let you get a credit card, so unless you have a small limit on your own card (which will happen if it’s a teenager), the bill will be the responsibility of the parents too, so they’ll ultimately be the ones paying.

]]> By: Financial Samurai http://sweatingthebigstuff.com/5-tips-forcredit-cards-and-teenagers/comment-page-1/#comment-4240 Financial Samurai Sat, 31 Jul 2010 15:02:27 +0000 http://sweatingthebigstuff.com/?p=2802#comment-4240 The good thing about a CC for a teenager is frankly that you have moral hazard in full effect. If you can't pay your $3,000 bill, yo mama gonna bail you out b/c she don't want you to start life with bad credit! :) Best, Sam The good thing about a CC for a teenager is frankly that you have moral hazard in full effect. If you can’t pay your $3,000 bill, yo mama gonna bail you out b/c she don’t want you to start life with bad credit! :)

Best,

Sam

]]> By: Financial Bondage http://sweatingthebigstuff.com/5-tips-forcredit-cards-and-teenagers/comment-page-1/#comment-4209 Financial Bondage Fri, 30 Jul 2010 23:44:49 +0000 http://sweatingthebigstuff.com/?p=2802#comment-4209 Bad idea I think, giving a teen a credit card. Unless you give them a secured credit card. That would be fine. I would be teaching kids that you don't need credit cards. Best to not even go there. Bad idea I think, giving a teen a credit card. Unless you give them a secured credit card. That would be fine. I would be teaching kids that you don’t need credit cards. Best to not even go there.

]]> By: Budgeting in the Fun Stuff http://sweatingthebigstuff.com/5-tips-forcredit-cards-and-teenagers/comment-page-1/#comment-4186 Budgeting in the Fun Stuff Fri, 30 Jul 2010 17:11:37 +0000 http://sweatingthebigstuff.com/?p=2802#comment-4186 "3. Only purchase items that you know you can afford in the future using the credit card. This will ensure that you can cover what you purchased, pay off the credit card, and bump your credit up in the process." This is how I got through college and ended up with an Excellent rating by age 21. That rating saved me from making utility deposits, got me a good rate on my first car since I didn't have enough money yet to buy it outright, and got us a great interest rate on our house. Credit is awesome as long as it isn't abused. I personally think that if you ever feel like credit is free money, than it is not for you, but if you see it as one of many great personal finance tools, it works pretty well! “3. Only purchase items that you know you can afford in the future using the credit card. This will ensure that you can cover what you purchased, pay off the credit card, and bump your credit up in the process.”

This is how I got through college and ended up with an Excellent rating by age 21. That rating saved me from making utility deposits, got me a good rate on my first car since I didn’t have enough money yet to buy it outright, and got us a great interest rate on our house.

Credit is awesome as long as it isn’t abused. I personally think that if you ever feel like credit is free money, than it is not for you, but if you see it as one of many great personal finance tools, it works pretty well!

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