6 Reasons Why Kids Should Not Use Credit Cards
Whether a kid should have a credit card or not is a debatable issue. If your child is responsible and you feel he or she is mature enough to handle the power that comes with having a credit card, then you may think about giving it to him/her. However, if you are unsure and give your kid the card just because you want to fulfill his or her demands, then it could mar your child for life. We give you some of the reasons why you should think long and hard before you let your kid have a credit card.
1. Financial indiscipline
Having a credit card may lead your kid to indulge into wreckless shopping. He or she might end up spending a fortune on something that is absolutely not necessary. And before you know it, the luxuries will become necessities. Since there is no accountability, it will be difficult for them to know right from wrong.
2. No value for money
A child only learns the value of money when he or she starts earning. If you give your teenage kid a credit card, he/she will not know how difficult it is to earn the money. Your kids might soon start taking money for granted and lose all value for it.
3. Lack of respect for those less fortunate
Having money at their disposal might make your child arrogant or less sensitive towards those who do not have the “luxury” of having a credit card. Such materialistic tendencies will make him/her judge other kids on the basis of how much money they are able to spend.