Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

3 Bumps

Teacher suggested that dd get a credit card, your thoughts?

In my dd's economics class the teacher suggested that she open up a credit card account b/c she is 18 and it would be a good way for her to establish credit. This is still high school. What are your thoughts on this? Thanks

Answer Question
 
Anonymous

Asked by Anonymous at 10:33 PM on Jan. 5, 2011 in Money & Work

Answers (21)
  • i opened an account at 18 and ruined my credit, so i would say no :p
    pookipoo

    Answer by pookipoo at 10:36 PM on Jan. 5, 2011

  • depends on the individual
    letstalk747

    Answer by letstalk747 at 10:37 PM on Jan. 5, 2011

  • I'd laugh at the teacher.
    Sorry, but I think a kid in school, 18 or not, should be focusing on trying NOT to get into debt. There are better ways of establishing credit than a credit card, because they are too tempting and risky. Heck, she can join a mail order book, CD, or DVD club for that.
    SpaceToast

    Answer by SpaceToast at 10:38 PM on Jan. 5, 2011

  • Well in her name and a very small amt like $300. it is a good way to educate about credit and it depends on the kid. I mean does she have a job to even pay the payment and does she understand not to charge the entire thing just to spend.
    Anonymous

    Answer by Anonymous at 10:50 PM on Jan. 5, 2011

  • NO WAY!!!!! If she want to start establishing her credit then maybe you and your husband would be willing to co-sign on a small loan through a bank with her. Credit card interest rates are too high and it is just too tempting to use them. With the loan it would be a set amount and she could even save most of the money to pay back on the loan. Credit cards are just too much trouble and can cost you so much more than they are worth
    Frogbaby83

    Answer by Frogbaby83 at 10:52 PM on Jan. 5, 2011

  • If she can control it, it is a good way to establish credit. I'd make one purchase, cut it up, then make every payment on time. It's not a bad idea if it's strictly to build credit.
    LovingSAHMommy

    Answer by LovingSAHMommy at 10:52 PM on Jan. 5, 2011

  • i was told the same thing by my dad...but when i graduated,..and to stick it back for emergencies only, and it's what i did. yes, for credit purposes, it's a good thing, but if the individual itsn't good with money then it's not a good idea.
    mom_to_kenzie

    Answer by mom_to_kenzie at 10:53 PM on Jan. 5, 2011

  • I will add, though...while I agree with the teacher, I don't think they should be suggesting it to high school kids for the simple fact that many can't maintain self-control with a credit card.
    LovingSAHMommy

    Answer by LovingSAHMommy at 10:56 PM on Jan. 5, 2011

  • For credit purchases, yes it is a good thing. You could also use this as a learning experience.
    Mom2Just1

    Answer by Mom2Just1 at 10:56 PM on Jan. 5, 2011

  • I had a college student credit card through the bank I was at, and it was only a $500 credit line.
    You really have to teach kids about managing money.....
    CABlonde

    Answer by CABlonde at 10:59 PM on Jan. 5, 2011

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN