Creditnet News Story
AmEx poll: Some parents focused on teaching kids about debt
Friday, February 19, 2010
By Danielle Robson
Laws also loom that will limit access to credit for young people.
One thing parents may want to consider is teaching their children about debt, which would include how to handle credit card offers.
A recent poll from American Express shows that a number of parents want to focus on teaching their kids about debt and its influence on personal finances. Of responding parents, 30 percent said that was one of the top lessons they wanted to impart to their kids in 2010.
"While the past few months have taught families to change some of their spending habits, it's clear that these lessons aren't beginning and ending with the adults in the family," said Pamela Codispoti, a senior vice president and general manager with the company.
While parents aim to educate their kids, new laws that take effect next week will make it more difficult for people under 21 to accept credit card offers.
Through the Credit Card Accountability, Responsibility and Disclosure Act, those under 21 will have to get a co-signer to get a credit card, or they will have to show they have the income to support owning one.
