I need you to hear me out on this: I think that parents should open credit cards for their kids when they are just sixteen years old.
Credit cards are a weapon of mass destruction if they aren’t used correctly. Sixteen coincides with other big responsibilities like driving. You wouldn’t just hand over a set of car keys to your child before teaching them how to drive. Driver’s ed is required by law. But what about financial education? We can’t send our kids off to college, put a powerful piece of plastic in their palms and expect them not to crash and burn!