Here's a question for all my readers - should teens (under 18) be allowed to have credit cards? Do they have the financial wherewithal to manage credit responsibly?
Talk amongst yourselves..............
1 comment:
Anonymous
said...
I would say no.....as children under the age of eighteen do not have the legal capacity to enter into a legally binding contract. So if they neglect on payments the credit card company has no recourse. On the other hand if the parents co-sign they are liable. Personally I would not co-sign for my kids until they have proven they are capable of handling money......and at 16 or 17 years old........I don't think so.
Here's a question for all my readers - should teens (under 18) be allowed to have credit cards? Do they have the financial wherewithal to manage credit responsibly?
1 comment:
I would say no.....as children under the age of eighteen do not have the legal capacity to enter into a legally binding contract. So if they neglect on payments the credit card company has no recourse. On the other hand if the parents co-sign they are liable. Personally I would not co-sign for my kids until they have proven they are capable of handling money......and at 16 or 17 years old........I don't think so.
JM
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