Giving Your Children Credit Cards: Is it Crazy, or is it Responsible Parenting?
(PRWeb) March 7, 2007 -- In a world where credit has such an impact on one's lifestyle and choices, it's vital that children learn how to manage finances before they leave the nest. Mortgage broker Philip X. Tirone, author of 7 Steps to a 720 Credit Score can show parents exactly what they should be teaching their children about credit and finances.
Because most minor children never buy homes, apply for lines of credit, or purchase cars with installment loans, most have no credit. And in the credit-scoring world, having no credit is just as detrimental as having poor credit. If your children don't establish any form of credit, they will pay higher interest rates on their first credit cards and car loans. You will send your children into a world that judges them on a three-digit score without any credit of their own, or any of knowledge about responsible credit management.
Teaching your teenagers to manage credit will help you raise financially responsible adults, and it will open doors for them.
Philip Can Offer Vital Information Parents Can Teach Their Children, Including:
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Why you should add your children as authorized users on a credit card
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What to consider when choosing which credit account to add your children
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How to educate children on improving and maintaining finances
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The factors that affect a one's credit score
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"Homework" parents can assign to children, especially teenagers, to give them a better understanding of money and finances.
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How to keep your children from critically damaging their credit scores.
"Learning about credit is like riding a bike. Your children will likely fall down a time or two. Expect this. If you are angered by their mistakes, they will likely stop discussing their finances with you, and this could mean trouble ahead. So be patient, but stay involved. Some day, your teenagers will grow into adults who get married, have children, and buy homes," says Philip, "and their three-digit credit scores will have a six-digit impact on their lives."
To interview Philip X. Tirone, or for a copy of the book, please contact
Tiffany Alvarado, (212) 593-6467
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