'Tis the season to teach your kids about credit cards!

"I can't wait to get a credit card. It will be cool to buy whatever I want, whenever I want." Look out - that kind of thinking will get you into trouble! A lot of people think that credit cards are "magic money." But a credit card is just a financial tool that lets you borrow money, which you have to pay back.

 

The Women's Well~Being Circle "Resource Page" has great information and links to help you educate your kids, teens, and young adults on the issue of credit cards. Use these resources to help teach financial literacy. Here's a great preview:

 

Good Reasons to Have a Credit Card

• They are a convenient way to pay.

• They're safer than carrying a lot of cash. If a credit card is stolen or lost, your maximum loss is only $50 if you report the loss to your credit card company.

• You can buy things online or over the phone, and make reservations with hotels or rental car companies.

• You can get instant cash in an emergency, like if your car broke down.

• They offer some protection against unsatisfactory purchases. For example, if you ordered a tv and paid with a credit card, and the store went out of business before you got your tv, you may be able get a refund from your credit card company.

• Using a credit card responsibly builds good credit.