I would like teaching my child about credit, How to do it?
- Teach about the early savings. Open a savings account for them.
- Then, when they are around 13-15 to open a checking account with them.
- Teach them how to handle the debit card.
So ... when they are 16 or 17 years become an authorized user on a credit card. Do this only if you pay your credit card in full eachmonth after the completion balances can now easily reduce both credit ratings.
Also
Turn it into a lesson. Give your child a credit account with you and the lender. When your child wants something they agree to buy and then "bill" to his son for the item purchased. If your child does not return the money over time begin to turn in the interest (just below their allocation or something).
And
Explain that a credit card is not free money, as portrayed. Explains that everything that is bought on credit must be paid at one time or another. And credit is the amount of people get into debt so bad that they can never leave. It's a good thing to teach a child from the beginning.
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