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1. Train your child early:
instead of discovering your child is neck deep in credit card debt,
you should co-sign a credit card and teach them how to be
responsible when it comes to handling money. Set a credit limit
which they could manage and show them what happens when they use the
card for unnecessary purchases and how they would not easily realize
that they are already in debt.
2. Educate them about credit:
aside from the hands-on experience, you should also teach them the
facts about using a credit card. Explain clearly the pros and cons
of not paying on time, paying only the minimum amount due and how
these cards can work against them
3.
Sit down and calculate: if they still haven't grasped the concept of
getting into credit card debt, you should sit down and literally
compute how a small debt can balloon into an amount they would have
difficulty managing. The sight of that much could really make
an impression on these teenagers.
4.
Make them understand that they would have to shoulder these credit
card debts. You could even provide data about the average salaries
they could earn potentially once they get out of school as well as
the average debt that fresh graduates usually carry with them before
they even start working.
The
internet can be a great medium for teaching your teens the dangers
of racking up an enormous amount of student debts in the form of
excessive credit card usage. There are thousands of sites which
could provide great tips, up-to-date information and even tools like
a debt calculator that could help you and your teen understand the
dangerous world of credit card and student debts.
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