|
|
|
All You Wanted to Know of Bad Credit
Martin Henderson is in a fix these days. Because of his failure to repay a loan he had taken a few years back, he has been adjudged as a bad credit case. And, in spite of much effort, he has not been able to get a loan or a mortgage. Lenders do not...
Finding the Right Bad Credit Loan UK
If you live in the United Kingdom and find yourself in need of money but lacking in credit, you might want to consider applying for a bad credit loan UK . These loans often are offered in a variety of different ways, from secured loans to unsecured...
Home Loans For People With Poor Credit - Understanding The Requirements For A Subprime Mortgage
Home loans for people with poor credit demand that you understand the requirements for a subprime mortgage loan to get the best rates and terms. By satisfying the requirements, you can be assured of securing a subprime mortgage to buy a home. Time...
Options to Avoid in Credit Repair and Building
There are several options available that make people believe it is a solution for freeing themselves of debts.
One solution you want to avoid is borrowing money from finance companies. The companies that advances for consolidating loans and...
SuperCharged Secret 1 of 5 - Credit Card Utopia
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!
Note: The following is part 1 of a 5 part series. Over the course of these next 5 articles, I am going to introduce you to several methods for maximizing the use and benefits of the best...
|
|
| |
|
|
|
|
|
|
Teen Credit Card Basics
Teen credit card basics will help you raise money smart kids. Knowing how to handle credit is important and not something they are likely to learn in school. If you teach your children smart ways to manage credit, it will help to ensure they get the right start and don't wind up with bad habits.
Credit is a necessity in today's world and teaching your teens credit card basics will help to make it easier for them to rent their first apartment, land good jobs, get better rates on insurance and buy homes.
Teaching credit basics is not something you can put off till they reach college. The statistics are:
One in three high school seniors use credit cards and half are in their own names.
Seventy-five percent of college students have credit cards and carry a balance of $3200.
The bankruptcy rate for those under 25 years old is more than 5%.
Teens are usually ready to learn about spending and budgeting by the start of middle school. Giving them a certain amount to buy school clothes each year and telling them to spend it as they chose or save some to buy later will help teach them how to control their spending.
By high school, they should probably have a checking account of their own. This will teach them to write checks, reconcile bank statements and avoid bouncing checks. These are good lessons in money management. Once they master the checking account, it may time to consider a plastic card.
A debt card may be a good place to start. This will allow them to practice without the potential damage
of a real credit card. This card charge is deducted directly from their checking account balance.
A prepaid credit card for teens allows parents to pre-set spending limits and monitor where their teens are spending money. The parents transfer their money to the card and it can then be used like any other credit card to buy things.
A low-limit credit card can also be used. Parents usually co-sign for an account with their teen and can set a low credit limit of $200 to $300.
College students by this time should know the credit basics and should apply for a credit card in their own name, with out your co-signing on it. Credit is easier to obtain while the student is still in school.
It is essential that teens are taught the importance of a good credit rating and the need to pay bills on time. They need to know that everybody needs to develop a good credit history.
With help and guidance from parents and teen credit card basics you can raise money smart kids to grow up to be money smart adults.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
About the Author
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative articles that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html
|
|
|
|
|
|