| The short answer is no. Most teens are very | | | | money than they have. |
| financially irresponsible, especially if their parents lack | | | | One benefit to getting a credit card that some teens |
| responsibility, too. Tack on the pitiful financial illiteracy | | | | may see as critical is to help build their credit. Getting |
| of our nation and you get a new generation of | | | | a credit card as a teen will probably do more harm |
| reckless spenders. There are some exceptions. Some | | | | than good to your credit. They will spend and spend, |
| teens may do great with credit cards, but they have | | | | their balance will grow, and it will all build to the point |
| to prove that they could. | | | | to where they can't pay it. Not paying bills will |
| If you are a reckless spender as a parent, it will be | | | | damage credit. There are many other ways to build |
| difficult, near impossible, to teach your kids financial | | | | credit. All bills including cell phone, utilities, and other |
| responsibility. They have been learning how to spend | | | | payments will build credit. Always pay your bills on |
| money their whole lives by watching how you spend | | | | time. If by the time they are ready to take out a |
| money. Simply going up to your 15-year-old and | | | | loan they can't get one, they probably don't need it |
| saying 'save at least 10% of your money and don't | | | | anyway. They only loan that they should ever get is |
| spend more than you have', will mean nothing if you | | | | a mortgage or possibly a small business loan which |
| are sitting on credit card debt yourself. | | | | they could get a cosigner for. They don't need a car |
| If a teenager, or anyone for that matter, can't | | | | loan, just save and buy used. |
| manage the cash they do have, they will do no | | | | In the end, don't get your teen a credit card. The |
| better with credit. When would a teen do okay with | | | | benefits of a credit card for anyone don't even come |
| credit? The truth is that someone who is the most | | | | close to outweighing the short-falls. Teens are at an |
| prepared and responsible that would be the perfect | | | | even more critical time in their life where they |
| candidate for an effective and responsible credit card | | | | haven't yet learned the real consequences of their |
| holder would probably never want one anyway. They | | | | actions. Teach them financial responsibility and watch |
| understand the principle to save your money rather | | | | them build a prosperous, financially stable life. |
| than spend it and they would never spend more | | | | |