No, teens should not have credit cards. They haven’t even had time to get a job and start learning how to be self sufficient yet. They haven’t had time to pay the rent and utilities, let alone buy groceries and pay other bills. Giving them a credit card is nothing but temptation for them to buy things they want and don’t need. They max out their cards before they realize it, and then they face the consequences.
The interest fees pile up, and they can’t make the payments. some of them get yet another credit card to get caught up on the payments of the first one, and suddenly they are caught up in a vicious nightmare. These teens should not have to deal with this financial hardship so early in their young lives.
Credit cards have been a quick fix for people who need some thing before they get their pay checks. It becomes to easy to take them for granted and go overboard. Most people have more than one credit card. This can bury them in debt. They get so deep into debt trying to catch up, that they end up going Bankrupt.
Once a person gets caught into the quick sand of debt, it is almost impossible to get out of it. This is the first step of a landslide toward bad credit. Bad credit works against a person. Bad credit prevents a person from buying a car or a home. It is used against a person to rent an apartment. or get a loan. A persons life can be messed up for years due to bad credit.
Teens are not mature enough to be responsible for such a heavy burden. Credit cards lead adults into trouble. How much more will they lead teens into trouble? Teens need to learn how to be responsible. It does not happen simply because they are old enough to know how to use a credit card. Adults too often expect teens to be accountable for their actions, when they are not nearly mature enough for that.
Adults fail to realize that having a credit card is not a free pass to getting things. If a parent wants to teach their teen about the value of responsibility, they should start with a Prepaid debit card. That way only the amount that is available on the card can be used. It prevents the temptation of maxing out a card that needs to be paid back with high interest. The debit card is a good practice run, and the best way to go, until the teen is ready to handle a real credit card.