Money Fix: Teens and credit cards

Teaching a teen about using a credit card is very like teaching a teen to drive, experts say. . Explain how credit works and the consequences, then practice within safe limits. Credit: iStock
Forget the debate about getting your teenager the latest iPhone; what if they ask for a credit card?
Before you say no, a recent study from the Federal Reserve Bank of Richmond found that those under 21 are substantially less likely to go 90 days past due or worse, and young borrowers are among the least likely to default on a credit card.
"There is evidence that young people are actually better at managing their credit than those of us in our 40s," says credit expert John Ulzheimer of Atlanta.
Should you rush to sign your kid up for a credit card?
Out East: Westhampton Beach Brew & Grille ... Billions for planned new hospital ... America 250: William Floyd ... Get the latest news and more great videos at NewsdayTV
Out East: Westhampton Beach Brew & Grille ... Billions for planned new hospital ... America 250: William Floyd ... Get the latest news and more great videos at NewsdayTV



