Last week I was browsing an article from a local magazine, Kin, (December 2010) published by the St. Joseph News-Press. I wish I could find a link to share, but I cannot find it online. In an article dealing with children and debt I found some advice that startled me.
A local CPA was interviewed and offered the following advice, "Kids should get credit cards with low rates at an early age so they understand how they work."
Certainly we need to train our children in the proper stewardship of money, but the better alternative is to teach a child to live independently from credit. Having made mistatkes with debt in my own life, I am convinced we would be better to teach our children lessons about savings, paying with cash, and living within their means than teaching them how to manage credit--teaching them a longer view of life. The pleasures of the moment drive our culture. That should not be the value we teach our children.
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