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.
Yea, maybe they can have checking accounts, but what can they do with it? They can't write checks, can't get a debit card... So it's useless. I don't see why they shouldn't give out debit cards, the kids couldn't lose more than they have, so the bank doesn't take a big risk...
I had my checking account before I was 18. I didn't get cheques, but I got a debit card (with a PIN number and magnetic stripe and all). I couldn't have a negative balance, though (not that I needed one).
In The Netherlands, debit cards are very common, and you can pay with them in almost every store, and ATMs are everywhere too, and always at post offices and banks.
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.
Not Quite... (Score:1)
Re:Not Quite... (Score:1)
In The Netherlands, debit cards are very common, and you can pay with them in almost every store, and ATMs are everywhere too, and always at post offices and banks.
Re:Not Quite... (Score:1)
I couldn't have an overdraft though, obviously, being under 18 and all.