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Credit cards `could help teach kids about debt management`
28/02/2007
Credit cards can help teach kids the ropes when it comes to money management, according to Credit Cards GB.
The credit card comparison service claims that, in a bid to sensitise the next generation to the pitfalls of adult finances, parents have been handing their offspring plastic.
The idea is based on the notion that children `only want what is forbidden`, hence that if they are not allowed credit cards until adulthood then they are likely to get into debt once credit card offers start pouring in through the letterbox.
The average debt that a child accumulates on their card is $2,000 (£1,020), Credit Cards GB stated.
"Overall giving your child a credit card may be a good way to teach them about financial responsibility so it may be worth thinking about," it added.
Credit Card GB gives advice on credit card deals from companies such as Virgin, Sony, MBNA and Egg.
