Saturday, July 12, 2014

Financial Management For Parents and Teens

Owning a credit card can sometimes be a hassle for a variety of reasons. First of all, credit card holders are under pressure to repay all of the borrowed money within a single statement period. Sometimes, people cannot come up with large sums of money within a 30 day time span. If payments are not made by the deadline, then interest fees are charged in addition to the outstanding balance.

Visa Prepaid Debit CardsA prepaid card can eliminate all of the headaches and problems associated with traditional credit cards. First of all, a prepaid debit card is loaded with a person's actual money. There aren't any interest rates that are applied. There aren't any hidden fees and penalties that can be charged to a reloadable debit card. A person can only spend a certain amount of money that's loaded onto a prepaid card.


Such an option is useful for teenagers who live off their parent's money. Hard working parents can manage all of the funds of a prepaid card. For example, the weekly allowances may be easily loaded onto an account that's associated with a reloadable debit card. Parents may use smartphone apps in order to manage all aspects of such convenient payment options. A Kaiku Visa prepaid debit card is an example of a financial tool for parents that have teenagers. Personal identification numbers should be created in order to secure prepaid debit cards. It's common for teenagers to steal credit cards from their fellow peers in school and at the mall.





13 comments:

  1. I actually like prepaid card idea. For some reason I hate using credit card because it is basically like taking a loan.

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  2. Teaching teens about money management is so important

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  3. This is very good to know! Thank you!

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  4. I have teenagers that work and live off their own money. They do have debit cards and have used prepaid cards on occasion. Sometimes I purchase a prepaid card when I'm traveling so I don't have it linked to my credit or bank accounts.

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  5. I owned a credit card in my early 20's and it was a disaster. I was never taught personal finance growing up. I racked up so much debt it took me years to get out. We don't currently own a credit card. Prepaid sounds like a great solution!

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  6. I think prepaid cards are a great idea for those learning how to manage money...

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  7. Good tips for financial management, thank you for sharing. They don't teach you this stuff in High School Economics and they should.

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  8. We had to go through this with our kids. So glad they are savers as adults.

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  9. Great tips to get started for young adults and for more experienced people as well.

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  10. I think we all could use a lesson in financial management. Amber N

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  11. Financial management is so important.

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  12. My aunt and uncle let their teens shop online, but ONLY with a prepaid card. You're right it's great for eliminating potential headaches!

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  13. I've noticed this about American media: people there don't seem to know what debit is. Debit has been around in Canada since the 90s and is used by over 90% of the population. You can't get a bank account without a debit card attached to it here. Credit cards are BAD, ALWAYS. There is never a situation where a credit card is good. Use debit folks!

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