07.28.09 | Tough Love Credit Lessons
Two steps forward and three steps back. That’s where we are in todays world when it comes to responsible credit for young adults.
Under the new credit card law which goes into effect early next year parents to those children under 21 will have to agree to take responsibility of their kid’s credit cards, pending and income threshold requirement. Where is the lesson in that? That Mom and Dad will always be there to bail you out?
In order to raise responsible adults you need to take the training wheels off and let them learn some valuable life lessons now while the stakes are low. Maxing out a $500 credit card is far better than maxing out a $5,000 card when they’re twenty-five.
Educate and teach them responsible finance now while they are in college. Enlighten them to the future implications of their poor choices should they elect to act irresponsibly. Be honest and tell them if they hope to lease an apartment, take out a car loan, or even secure a job that their credit will be an important factor.
Do what’s right now, so they don’t do what’s wrong later.
The Student Credit Blog is sponsored in part by:
Hi,
Nice post! You have highlighted a very good and positive point here that parents should teach children accordingly. It is the best way to avoid hazards and problems.
July 31st, 2009 | #
Your information was very interesting and helpful
July 29th, 2009 | #