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African Americans: A Look in the Mirror, Part 1
“Not everything that is faced can be changed, but nothing can be changed until it is faced.” James Baldwin At present, African Americans stand at the crossroads of great hopes for wealth and freedom exceptional for the great-and great,...
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Motivation... The Key to Your Child's Educational Success
For the first year or two of life outside the womb, our brains are in the most impressionable state they will ever be in. A baby’s brain is immediately shaped by interacting with their environment. As a parent, one can have a large influence on...
The Best Toys For Your Baby
The Best Toys For Your Baby Baby shower When choosing toys for your baby you should remember that they should be both fun and educational – there are a wide range of toys to choose from that can make your baby squeal with joy and...
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School Bullying Stopped: 5 Tips to Blast Hardcore Bullies!
Hardcore bullies!
Which staff members are best suited to deal with them during the school year?
In my experience of coordinating the Bully Zapper Mentor Program for 7 years, guidance counselors are the most effective with these hardcore...
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TEENAGERS AND CREDIT CARDS
If you have a teenage son or daughter you can be sure they are getting offers for credit cards. And while we all know how important having a credit card is in case of an emergency, it is just as important to make sure your child understands the responsibilities having a credit card brings. So take a few moments to talk to your children before they sign on the dotted line. Make sure they are aware of:
• The annual percentage rate.
• What is the grace period?
• If you are late how much is the late fee?
• What happens if you go over the limit?
• How is the minimum payment figured?
Then you need to set the ground rules. How is this card going to be used – for emergencies only, gas or for all general purchases? What is their spending limit? Who is going to pay the bill –will you each contribute and if so what percentage? Where will the child’s money come from –summer job or after school job? And if the latter, how will this affect studying, homework or participating in after school activities?
Most importantly, make sure your child fully understands that his payment history on this card and all future credit
extensions will directly impact their credit report. Impress upon them the need to keep their credit score as high as possible, not only to help obtain additional credit when they need it, but to obtain the most favorable interest rates possible. Besides affecting their credit, they also should be made aware that their credit report can impact many other facets of their life; for instance their ability to get a job, get into college, get housing, or enter and remain in the Armed Forces. So before they assume the responsibility of accepting a credit card, make sure they fully realize the need to treat it with the utmost respect and are aware that, whether good or bad, their credit history will have a major affect on many areas of their adult life.
About the Author
The Credit Counseling Foundation, Inc
provides web-based education and personalized consumer credit counseling to clients
and the general public in an effort to help consumers use credit wisely. Visit
us at www.godebtfree.com
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