Originally published February 27 2005
Giving children credit cards is just plain stupid, according to one writer
by Mike Adams, the Health Ranger, NaturalNews Editor
Though many parents believe that they should give their kids credit cards in order to teach them about credit, Janet Bodnar thinks this is idiotic thinking. In fact, kids will learn more about taking care of credit by actually having to pay with bills rather than a magical piece of plastic that gives them whatever they what whenever they want it.
Not long ago, I was asked to appear on a TV show to discuss whether youngsters should carry credit cards.
Some people think that if kids use credit cards while they're still at home being watched by their parents, they will handle credit responsibly when they're on their own.
I repeat: It's the dumbest idea I've ever heard.
Giving your teens credit cards is like letting them use drugs early so that they won't turn into addicts.
I'm all for learning to use credit responsibly, but having a card to practice on isn't the way to do it.
The best way to teach kids to manage credit is to have them start with cold, hard cash -- "cold" and "hard" being the operative words.
Spending money is more real to kids when they have to count out the bills and look down into an empty wallet.
That's what makes a new marketing gimmick like the Hello Kitty Debit MasterCard so insidious.
Like the Visa Buxx card, Hello Kitty is a prepaid card aimed at children.
The card, which is loaded with fees, can be used to make purchases or get cash out of an ATM.
Purchases can be tracked online, and pushers of this plastic promote it as a way to help kids manage finances.
But, trust me, kids won't get it.
Credit cards, debit cards, prepaid cards -- you name it, they're all just a direct line to Mom and Dad's wallet.
Referring to the Visa Buxx card, one young woman once asked me where she could get "the card that my parents can fill up when the money runs out."
In one survey, 35% of teens said having a prepaid cash card would make them "look cooler in front of their friends."
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