Teens and Money - Cash, Credit or Debit Card?
What is the best form of money for your teens to carry around? Which is safest? Which will best help teens learn about budgeting? These are important questions parents must ask themselves as their kids get older. American Express is rolling out a new solution, the PASS card, which offers another option for parents to consider.
Here are the problems with the current forms of currency:
- Cash - Teens are more apt then adults to lose it or have it stolen.
- Debit Cards - If I had a dollar for every time my son overdrew on his account, I still wouldn't have enough to make up for all the overdraft fees he caused.
- Credit Cards - Difficulty putting any limit on your teens spending when you hand them a credit card.
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