Owning a credit card by an 18 year old brings in galore of feelings of freedom, power and affordability, but often the accompanied senses of responsibilities, sensible spending and financial maturity is underestimated and ignored, which results into the existence of several credit card debt relief options and credit counseling services. Thus it is but common for the maximum number of parents to worry about their 18 year old children and their growing wants and demands that undoubtedly include the possession of a personal credit card. The same thought perhaps have moved the lawmakers to make it much harder for young adults of age 18-20 to obtain their own credit cards, according to the Credit Card Act of 2009. Under this act, anyone falling under the age group 18-21 has to meet few extra requirements before being eligible to hold a line of credit. They either have to give evidence of their high monthly and regular income in order to pay off the bills, or must have someone over the age of 21 with sufficient income and credit who will co-sign the clauses and terms with the card holder.
This is where the decision and duty of the parents come into play. The new age teenagers and young adults have a heightened level of awareness and information about all aspects and sources of consumerism, and have gathered knowledge of how to harness and exploit the same for gaining material luxuries and finding hedonist pleasures. What can be a greater and easier way than possessing a credit card in this respect! Thus the parents have to take a strict call on deciding whether it’s the right time to consider gifting a credit card to their otherwise grown up children or do they still need more lesson and wisdom of handling this responsibility. Unless you are blessed with an extraordinarily hard working, sincere and ambitious kid who would not rake his income for credit card, you have the power to acquiesce or deny their request. The fact is that, if your child’s income fails to satisfy the requirements of regular credit card payments, and does not meet the standard that creditors deem as satisfactory for handling the expense, then probably he/she should not have any business owning a credit card, and you too as a parent should understand the situation without being rushed in with parental emotions which can harm your child in the long run. On other hand, credit card should not be denied to a child who has taken care of his/her financial responsibilities and is not dependent on parents’ money; someone who has the credibility to pay off the loans regularly and can take charge of his/her own wants and needs.
So the parent can exercise their sense of judgment by denying and restricting their undeserving children from owning a credit card if they lacks maturity and financial stability to handle their money wisely.
This is where the decision and duty of the parents come into play. The new age teenagers and young adults have a heightened level of awareness and information about all aspects and sources of consumerism, and have gathered knowledge of how to harness and exploit the same for gaining material luxuries and finding hedonist pleasures. What can be a greater and easier way than possessing a credit card in this respect! Thus the parents have to take a strict call on deciding whether it’s the right time to consider gifting a credit card to their otherwise grown up children or do they still need more lesson and wisdom of handling this responsibility. Unless you are blessed with an extraordinarily hard working, sincere and ambitious kid who would not rake his income for credit card, you have the power to acquiesce or deny their request. The fact is that, if your child’s income fails to satisfy the requirements of regular credit card payments, and does not meet the standard that creditors deem as satisfactory for handling the expense, then probably he/she should not have any business owning a credit card, and you too as a parent should understand the situation without being rushed in with parental emotions which can harm your child in the long run. On other hand, credit card should not be denied to a child who has taken care of his/her financial responsibilities and is not dependent on parents’ money; someone who has the credibility to pay off the loans regularly and can take charge of his/her own wants and needs.
So the parent can exercise their sense of judgment by denying and restricting their undeserving children from owning a credit card if they lacks maturity and financial stability to handle their money wisely.
