1 in 5 parents let children use credit cards - NBC12 - WWBT - Richmond, VA News On Your Side

1 in 5 parents let children use credit cards

Source: NBC12 Source: NBC12
(WWBT) -

One in five parents of children between the ages of 8 and 14 say their children have a credit card. 

Whether you're shocked or you think it's a good idea-- here are a few things you need to consider.

Credit cards do have an age limit, so what many parents are doing is adding their children as authorized user on their account, which allows their child to carry a card. 

Parents who do hand over the plastic say it's easier for kids to maybe buy things they might need when the parents aren't with them or if an emergency arises. 

Some feel it will teach their kids financial responsibility. 

But here's what you need to consider: How mature is your child? How have they handled money, such as their allowance?

You might also want to set up a very low spending limit on that card or set up alerts when purchases are made to make sure your child isn't over spending. 

The bottom line is you always have to make sure you're not putting  your own credit score at risk by handing your child a credit card. 

You do have other options. You can look into a pre-paid card or a secured credit card where you make a cash deposit and that is all you can charge on the account.

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