Teen Credit Card Debt

3. Parents should take it as a part of their responsibility to teach the teens to use the credit card only in necessary & emergency situations. As the proverb goes “The keys to success is education”, parents must be patient enough to teach their children starting from the beginning the values of financial basics and the importance of spending money in a useful way. Experts say parents should take several steps before giving a credit card to their child. They should keep their child trained in various perspectives such as writing a check and tracking money, proper usage of a debit card, teach them how credit card works explaining them how the balance is paid within the grace period and other key terms such as late fees, etc. parents should not stop with this, they should instantly monitor the child’s usage and build up their level of responsibility. In summary credit card education would be good to keep the teens and make them use credit card in a clever way and be away from increasing unpaid balances.