How to Teach your Kids about Credit Cards | SEA Lessons – 1868-308-4028

Step 1:

Go through credit card offers with your child. Make him/her understand that the small print on the back of the offer shows hidden charges and conditions.

 

Step 2:

Ensure that your child understands the importance of paying off monthly credit card bills in order to avoid getting in debt early.

 

Step 3:

Talk to your child about the dangers of credit cards. Show him/her in an example just how much money he/she can lose by spending more than he/she can pay back on the credit card.

 

Step 4:

Sign your child up for a credit card before he/she starts university. If possible, sign up for a credit card with a spending limit. However, it is always best to start teaching your child about money from a very young age.