Teach kids to use credit cards responsibly before they leave home

ATLANTA - Money management means a lot of things. And one of those is the responsible use of a credit card. Those lessons should start at home, not after they're out on their own. 

Credit card use is trickier than it used to be. Back in the day, you had to consciously get it out of your wallet, swipe it, and sign for it. Sounds silly, but it's not. All of those steps give moments to re-consider the purchase. Today, it's so easy that it's financially dangerous because families share devices and passwords on retail accounts. This makes in-app purchases and one-click ordering too simple. And the abuse of this by children rose 28 percent since 2018. 

LendingTree surveyed parents and this is some of what they discovered. Forty-six percent of parents found their children using their credit card without their permission. Sixty percent of parents have let their underage children use their credit or debit card. Nearly half regret it. Kids who used their parents cards without permission on average rack up $500 in purchases, generally for gaming and food delivery.

That lays out the problem, but what about solutions? Start with budgeting, a checking account, and a debit card. This is the infrastructure that will support credit card use. 
Then, when it's time for a credit card, cap the limit, make sure you have access to the card and the account information. Talk about how to use a credit card. Don't let them learn on the job.

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