the problem with credit cards today is that people under 18 cannot have their own. How can we instill hardworking qualities in our young people while denying them the right to use their money as they choose?
How can we instill hardworking qualities in our young people while denying them the right to use their money as they choose?
Because it's not their money. It's the bank's money, and they are just loaning it. I don't know anyone under 18 that I'd loan money to.
People under 18 can have checking accounts. That's how you learn how to manage money, by having a finite amount to manage, not by having some open-ended letter of credit.
Not everywhere. I had a bad experience with this, myself. When I was about to start college, my mom went with me to get a checking account. We went to a local branch of a national chain of banks (so I would be able to access it easily at school as well as at home).
Because I wasn't 18 yet, they wouldn't let me have a checking account. Period. Not even if my mother co-signed for it.
Now, I was about to go to college. When I'm 400 miles away, I have to pay some of my own expenses, like books and non-cafeteria food. I wasn't asking for a credit card, just a way to write checks and pay my bills.
I ended up getting a checking account (with a debit card, no less) from my parents' credit union. It was the only place I found where a minor could have a checking account - and I didn't even need a co-sign. Unfortunately, they're only in my hometown - but their level of service makes them worthwhile to me. And I still remember that none of those other banks would give me an account 4 years ago.
Same here - shortly after turning 16, I called around to all the banks in my area, trying to find one that would give me a checking account. One bank even told me that they would over the phone, but then claimed that they wouldn't once I got there.
Finally I discovered the credit union, and haven't looked back. No monthly fees doesn't hurt either.
a problem (Score:2, Insightful)
Re:a problem (Score:5, Insightful)
People under 18 can have checking accounts. That's how you learn how to manage money, by having a finite amount to manage, not by having some open-ended letter of credit.
Checking accounts (Score:2)
Not everywhere. I had a bad experience with this, myself. When I was about to start college, my mom went with me to get a checking account. We went to a local branch of a national chain of banks (so I would be able to access it easily at school as well as at home).
Because I wasn't 18 yet, they wouldn't let me have a checking account. Period. Not even if my mother co-signed for it.
Now, I was about to go to college. When I'm 400 miles away, I have to pay some of my own expenses, like books and non-cafeteria food. I wasn't asking for a credit card, just a way to write checks and pay my bills.
I ended up getting a checking account (with a debit card, no less) from my parents' credit union. It was the only place I found where a minor could have a checking account - and I didn't even need a co-sign. Unfortunately, they're only in my hometown - but their level of service makes them worthwhile to me. And I still remember that none of those other banks would give me an account 4 years ago.
Re:Checking accounts (Score:2)
Finally I discovered the credit union, and haven't looked back. No monthly fees doesn't hurt either.