Weekly Credit Links from the Web: Teach Teens About Credit Cards

by on December 11, 2011

Tips for Teaching Your Teen about Credit Cards (Credit Cards Canada)

“Your first move, as a parent, is to explain how credit cards work. Teens need to understand that credit cards don’t represent “their” money. Credit cards are loans. Show your child a statement, and explain that when you carry a balance, money is added to the total, since you are charged interest.”

7 Ways to Make the Most of Gift Cards (Bankrate)

Christmas Budgeting and Holiday Shopping Trends (The Digerati Life)

“We tend to spend more during this time of year because it’s what our culture, community and society today expects. Holiday spending adjusts to our expectations. And expectations adjust according to which stage we are in our lives.”

A Proposal to Simplify Credit Card Agreements (NY Times Bucks Blog)

“The resulting plain-language document, Mr. Date said, should do a better job of explaining how the credit card actually works, including what fees apply and when, and what to do if there is an error on the account.”

The Latest Credit Card Trap: No Limits, Just Access (Daily Finance)

“The upshot: Unless a cardholder opts out of the change, he can spend significantly more than he would have been able to before, under circumstances when once he might have been charged an over-limit fee, or seen his card declined.”

Americans’ Biggest Credit Card Grievance: Billing Disputes (Credit Card Processing Blog)

“The CFPB has received more than 5,000 credit card complaints since July 21st, when it began operations. These grievances are categorized into more than thirty different groups, from which consumers are asked to choose when reporting an issue.”



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