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Finally, once your teenager has his or her own credit card, they should be writing out the monthly payments (in full) out of their own checking account so they fully understand the connection between credit and their finances.
Teach them that the credit card bill needs to be paid in full every month.
The only way to learn how to manage money is to actually have money to manage.
While mistakes may be made, limiting how much your child is allowed to borrow means those mistakes won’t be insurmountable in the long run and will become teachable moments.
Because parents’ names are on credit cards, teenagers may have a tendency to not take full responsibility for their spending habits when using the cards since they are not under their name.