Should kids be allowed to have credit cards?

We keep hearing that the money we spend now and the decisions we make could place a huge burden on our children. But we rarely ask them what they think. So we convened a Small Town Hall. Marketplace's Scott Jagow sat down with a few kids to listen to their ideas about money, the economy and the future.

http://marketplace.org/small-town-hall

Category:

Education

Tags:

• marketplace
• smalltownhall
• scottjagow
• economy

[gulllars]

An interresting "town hall". Based on the oppinions here i'd guess these kids were selected as among the best in their class.

From i was 8 to 12, i usually had about 1-2 months of allowance saved up at any given time. Then i saved for a year to buy my first computer (second hand, 2 years old).

After that, i always kept 4-5 months allowance on hand until i got my first temp job at 18. Since then i've saved up and had 1/3 yearly salary on hand.

It's important to keep a liquid capital buffer :)

[crazysoccerman14]

wall street heavy-hitters

[xalex8a]

OH MY !! you can just do a sale on the street and add it into the card

[elpresidio]

I think debit card which has a limit is better for kids than a credit card, but there is still something more tangible and appreciative in value about actual cash that you cannot get with debit cards and credit cards. With cash you use more practical judgement and you feel there is an actual worth and value of real exchange that I really cannot explain. This is just IMO and what I feel personally.

[farhmoha]

These kids have a great sense of how to manage their money (well most of them). I had to learn the hard way when I was younger, thankfully my parents helped me a long the way.

[BlacksAreBeautiful]

This was a great series gentlemen...I learned a lot..lol...actually, this was a brilliant idea, and look forward to more in the future!

[MajNorberg]

during a financial crisis....very smart idea....great piece of video.