D at Divorce to Financial Freedom is having a discussion with her 17-year-old son about getting his first credit card. Some comments have mentioned that they wish they got their first card earlier in life, and some wish they never got one.
I got my first credit card when I was 19 years old, thanks to MBNA at a college campus. My family has never been great with money, and I inherited those habits. I left college with $20,000 in credit card debt and nothing to show for it, except my bass guitar, which I never play.
I got into trouble because I didn’t have someone “holding my hand” through my credit initiation. However, D could really help her son by getting him a low limit card before he leaves for college, and assist him in his financial decisions. She only has a little more time to instill fiscal responsibility in her son before he’s “an adult”.
Perhaps she could get a card in her name with a $100 limit and add him as an authorized user. Then that will be “his” card and she could cancel it when she wanted.
Just a thought.
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