18 year old

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      Credit ratings
      are just that – a way to see how much credit someone should lend to
      you. We have told our kids (and lived it before them) that credit cards
      are not necessary if you can pay cash for what you need/want.
      I know I will
      be in a huge minority when I say that DH & I are teaching our kids that saving
      up and paying cash is the way to go. They are 9 & 11 right now and
      each of them has over $25K in a high yield savings account.

      They are
      extremely responsible for their age when it comes to financial matters.
      We discuss our family finances and our budget openly with them so they can see
      that money is necessary and to teach them to live within their means. I
      think too many kids today want to move out and/or get married and want to pick
      up with the style to which they’ve become accustomed by living with their
      parents. No one wants to start at the bottom, living within their own
      financial means and move up the ladder.

      They want all the things that
      have taken the parents 20+ years to accumulate – almost as if they have a
      tangible right to it. Before you think we’re terrible people, our
      kids don’t go without any necessities; they have doting grandparents that
      give them too much at times. However, they have been taught to tithe/give,
      save (and that means once it goes in the bank, it doesn’t come out), and
      spend.

      They truly enjoy depositing money in their bank account and
      checking out their new account total!! We have (and will continue to) encouraged
      them to not use credit cards and to keep a considerate balance in their
      accounts so when they need the money it will be there. We have already
      agreed to match their first car fund (with a max limit built in!) and they are
      on their way to earning scholarships with their academic grades.

      They
      know college is mandatory in this day and age so it is not negotiable (DS is
      considering military).
      I am in no way
      bashing anyone else’s way of using credit; I just don’t agree and
      wanted to point out the opposite side of the coin. Yolonda

      That said, probably 1 Credit Card with a low limit would be good to
      help a young person establisha good credit rating.

      12.0pt;color:

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