It's not enough that adults are filing for bankruptcy in record numbers, living on the edge financially, and stuck in debtors hell. Now we have adults trying to enlist their children as young as 7 years old to get credit cards. I would like to think it was a joke, but it was in print, black and white, on the internet. A women asking a financial writer if she could get her 7-year old child a credit card, so he could start to establish credit.
What a hoot! Everyone knows that kids under 18 can't sign legal documents. But, I was even more shocked with the answer the writer gave her. He explained to her that the child could not sign a legal document, what surprised me was that he seemed to think it was ok to start teaching a young child the bad habit of credit and debt at such a young age. I expected him to be irate, but he wasn't. He actually told her how she could include her child as a signer on the card. A seven year old, signing for credit??
Maybe it was a plant article from the debt industry, but I was sure sad when he didn't tell her that the child has plenty of time to get credit when he or she is of age and the focus now should be on teaching budgeting and good spending habits. I hope someone gives her this information soon.
Visit: Msfinancialsavvy.com, so you can get this information.
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