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Read this before giving your teenager a credit card

Everyone from Dave Ramsey to your neighbor down the street has an opinion about whether teenagers should have credit cards.

But the fact is many already do. According to a TransUnion survey, 19% of teens have a credit card.

If you want to introduce your child to the world of credit while being mindful of its dangers, keep reading.

3 ways your teenager can access credit cards

Thanks to the Credit CARD Act of 2009, getting a credit card at 18, 19, or 20 is no piece of cake. Anyone under 21 must have a cosigner over 21 or their own financial means (savings or income) to open a credit card. The cosigner agrees to repay the debt when the borrower can’t.

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