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Teenagers should not have credit cards. The best way to teach a teen about money matters would be to open a savings account for them as well as a checking account with a debit card. By doing this parents can teach them how to live within their means and how to create a budget.

For the most part a debit card works just like a credit card, except that when your bank account doesn't have enough money you're done. You have to actually work hard and come up with the money to pay for what you want. A bank account and a debit card teach valuable lessons to teens. It teaches them to work for what they want and to have the patience to wait for it while they save. No instant gratification, just honest hard work. Too many people today believe in instant gratification. It's time we taught teens that such a concept is unrealistic.

To be honest I don't think credit cards should exist to the extent that they do. If you cannot make a purchase with your debit card or cash then you should find a way to earn the money to purchase that item. Debit cards are perfect for everyday purchases like items at the supermarket, etc. With a debit card a teenager can avoid the hassles of carrying around cash. This means fewer trips to the ATM and no risk of misplacing money. Debit cards are easy to use and each transaction is detailed on the monthly checking account statement, allowing a teen and his/her parents to monitor where and when they've spent money. With a debit card, a teen will have more control over their finances. The ability to track purchasing habits makes it an ideal budgeting tool, helping to project future expenses or highlight irresponsible spending habits.

A credit card allows too much room for developing reckless spending habits. If parents can help their teen develop good spending habits while they are still living at home, then chances are they will make better decisions when the time comes for them to carry a credit card. A debit card does carry risk, especially for large purchases and online transactions. Credit cards do offer more protection in those instances. However, teens really don't need to be involved in such transactions so a debit card is their best option, at least in the beginning.

If teens learn to use a debit card and spend responsibly then it is possible that they will develop lifelong saving habits. With good spending and saving habits a credit card can be quite useful and not damaging in any way. However, to just hand a teen a credit card without giving them the tools and knowledge to make good decisions is more dangerous to them and to their future than anyone could imagine.

Learn more about this author, Kimberly K.
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