Watch Your Wallet – A Guide for Teens and Credit Cards
Congratulations – you just graduated from high school and you have gone away to college. This is one of the most exciting times in the lives of young adults. They enjoy the freedom of living on their own, eating what they want and sleeping when they want. It is also the time when these young adults start getting store charge cards and credit cards. While many students use credit properly, many others do not.
The ability to have and use credit when and where you want is very important to consumers of all ages. Having credit available means that in the event of an emergency or for a planned purchase, you have money available without having the money on hand. And by repaying the amount of money used gives consumers the opportunity to reuse the credit the next time they need it. The problems start when consumers, especially young adults, misuse their credit.
Problems occur when teens, college students and young adults start getting multiple credit or charge cards, use them excessively and don’t pay the credit amount back to the lender. This act will have a negative effect on the card holders credit report by showing up on their credit history. Each borrower has a credit history that starts the first time they borrow money either through a loan, charge account or line of credit. How they handle that credit obligation will have an impact on future borrowing opportunities. Generally speaking, if you handle your credit obligations properly by paying on time, you will be able to borrow again in the future.
The important thing to remember for teens, college students and young adults is that they use common sense when dealing with credit and charge cards. By being responsible with your borrowing, it can only improve your credit history and credit rating. Remember, any amount of money you borrow will have to be paid back in the future.
General Credit Information
- How Credit Works – Educational page which helps visitors by showing how the credit cycle works for consumers.
- Credit Lesson Plan – Information that can be used to help teach consumers about credit.
- Using Credit – Overview of the system when credit is granted and repaid, and a look at everyone’s responsibility.
- Credit Reporting – Informative page which describes the process where a consumer’s credit is reported.
- About Credit Reports – Useful information on how the credit report information and gathered.
- Your Credit Report – Federal Reserve report on consumer credit reports with information on many related topics.
- Credit Reports and Scores – Helpful information for consumers on what a credit report and credit score is and how they are used.
- Accessing Free Credit Reports – Information from the FTC on how consumers can have access to their credit report for free in order to view what their credit report contains.
Using Credit Wisely
- Proper Credit Usage – Information for consumers giving guidance on how to use credit cards properly.
- Using Credit – Informative resource providing information on how to establish and use credit properly.
- Smart Ways to Use Credit Cards – Useful article providing help on how to wisely use credit cards.
- Proper Card Usage – Helpful suggestions on how to be frugal when using credit cards.
- Credit Card Usage Tips – Tips and information on how to wisely use credit cards.
- Using Credit and Debit Cards – Financial information on how consumers can use credit and debit cards correctly.
Information for Teens
- Teen Credit Information – Information that is geared for teens on credit history and credit scores.
- Your Credit History – Educational information for teens which teaches them about the importance of their credit history.
- Money Management for Kids and Teens – Resources and information to help teach teens and kids about money management concepts.
- Teens and Credit – Useful article from Kiplinger’s about credit and what teens should know about it.
- Teen Credit – Information on credit cards and basic information on managing credit wisely.
- Cash and Credit Information – Article providing teens with information on managing cash and credit transactions.
Information for Parents
- Educating Teens – Tips and suggestions on how to educate teens on using credit properly.
- Credit Cards and Teens – Article for parents providing basic information about credit for teenagers.
- Money Talks – Informative collection of resources to help parents talk to kids about money and finances.
- Financial Planning – Web site for teens which helps teach them about many topics pertaining to finances and money.
- Financial Education – Resourceful page with information on a variety of financial topics.
- Money Smarts – Educational quiz for teens covering a number of financial topics.
We hope that this information have been helpful for teen-aged borrowers who are just starting their credit history as well as helpful for parents who are looking to help get their young adults on the path of good credit. Feel free to visit this page in the future, and to tell others about the information contained. Happy credit!