Teens and credit cards: What would Santa do?
Posted
Nov 30 2007, 05:14 PM
by
Karen Datko
Kay Bell at Don't Mess with Taxes -- in a post called "Are credit cards appropriate 'toys' for kids?" -- examines two trends that should give us cause to worry. She notes that a recent Charles Schwab survey found that almost a third of teens, if they had the option, prefer to pay with a credit card rather than cash. (Thank goodness only 10 percent have a credit card in their own name.) She also points to a disturbing trend in toys: For instance, the new Monopoly allows players to pay with plastic. And did you know that Dora the Explorer and Barbie carry credit cards? ("Not surprisingly; look at the clothes (Barbie) buys!" Bell comments.) [readmore]
Where does this all end? Or, better yet, how can you stop it. Bell suggests educating children about money, starting at an early age. Her mother knew how to curb Christmas greed. "When our lists got out of hand, she matter-of-factly informed us that we had to prioritize," Bell wrote. "We couldn't have everything because while Santa delivers the toys, he then sends her and dad a bill to cover the costs of our gifts."
