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| Teach youth ID protection for a happier financial adulthood. |
If you haven’t discussed
credit cards and ID protection with your kids and young adults, there is no better time than now! In a
helpful article from the Equifax Finance blog called, “Three Lessons to Teach Your Children about Credit Cards,” experts suggest that teaching your
children about credit at an early age may benefit them in the future.
First, explain to kids
that credit is a loan, and a loan is borrowing money from someone else. This is
a simple, yet very important concept for kids to understand. By also showing
them your monthly credit card statement, explaining how interest is accrued and
showing them you must pay back the money borrowed, you can help your children
learn the responsibility of credit card management for their futures.
This article also
suggests to parents to explain that credit cards should only be used with a spending
plan and to explain that it is okay not to have a credit card. Teaching your
children these valuable lessons early can help them to become smart spenders,
avoid debt and can help with ID theft protection.
Visit the Equifax Finance Blog today to
learn more about this article, identity theft protection information and other
great financial tips.
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