The_Lost_Otter

I know some do not like the fact how many teens have debit cards. How many of you like the fact that they have one? I have two cards, a visa debit card, and a kawasaki awards card. I've yhad the Kawi awards card sence i was 12, and now have the visa card sa i got a job. When i sontimes buy things, people give me this look. If your mature about using your card, and don't randomly buy things what is wrong with it then?

BTW, having a card, and being 14 is not agaisnt the law. One of the visa cards is in my moms name, the other in mine. But they are on the same account

annie_himself

I have mine under my moms name and mine. No problem with it at all.

cmerritt

i got a debit card under my name at 14. i have a credit card that gives me cash back on gas with my name on it.

hands without shadows

Debit or credit? Dont most banks give you a debit card as soon as you open an acount with them?

I really dont care if some 14 year old kid spends a few hundred bucks with his/his mom's debit card. Doesnt affect me at all. Its a good life lesson for him that some people dont need to learn the hard way.

annie_himself

Maybe if its a checking account.

HWS, we're talking about debit, not credit and not his or her parents.

hands without shadows

Sorry, meant to say debit [:@] When I was young a lot of kids had joint acounts with their parents so Il leave that part.

My bank gave me a debit card when I opended my first savings acount. I thought that was normal?

DaveG55

Why would I possably care if someone else trusts their kids with a debit or credit card? It's not my money or credit score that will be affected if the kid goes biserk with the card(s). So I think that's a decision for each individual family and no more anyone else's buisness than any other personal financial decision.
My kids both got checking accounts when they started earning their own money and they came with teller cards then (it was a while ago) and they both got credit cards when they turned 18. But the cards were in their names and they were, and are, responsible for them.

[email protected]

I'm not with all the new laws but I remember you could not have a visa check card or credit card under 18. just a debit card I'm not sure. The problem is you can not sign a contract or agreement that is law binding under age. Now you mom or dad can have a card issued in your name. I would never let my children have or use any of my credit cards,too many problems with that.

SAVAGEJIM

Well, I have to say, speaking from an economic pessimism, that it might not matter if you use debit or credit anymore. If we spiral into a depression or at the very least, a very bad and long recession, the credit/debit cards we all so dearly love will unfortunately be worthless. And our economic woes? I balme on over-globalization. we let ourselves over-globalize uin a very unwise manner, and credit problems, loans failing, etc. are one of the symptoms. (Not just from people making poor credit decisions or mismanaging their finances, but also from many many high end jobs disappearing, thus, whwre somone could have paid the credit/loan bills before, now cannot because he/she lost their job.)

I strongly say do not get either especially in today's poor looking economy just buy what you can with cash, do not overspend, do not get a card of any sort (credit or debit), they will only etmpt you to spend money you do not have yet

sheograth

Your logic about debit cars makes so sense Savage. Debit cards are NOT credit cards - you only spend money you have. Sure you can overdraft but it won't let to go too far.

SAVAGEJIM

Please forgive my horrid spelling in my prevous post, I am just feeling down from seeing all this credt and loans mess.

I forgot to mention, not just high end jobs are disappeasing, but also mid-end jobs are going away too, they have been for the past decade, but even more so now. Sadly, where even a middle class wage earner had the income to pay for his credit/loan/debit card bills at the end of the month, he loses his job and then cannot pay them anymore. I already seen my nehibors have their houses forclosed on, 13 houses on my street alone. All of these people had the means to pay their credit/loan/debit bills, but many lost their jobs and they sacrificed their homes to move into apartments. It's sad, and I know that 10 of these families were very responsible payers of their bills too.

Again, I say do not get either a debit or credit card. Buy smart, do not buy crap you dont need. You cannot know if your job will go away soon or 6 months down the road. I know I am fearing for my job now.

SAVAGEJIM

I know a debt card is not credit, but the way most banks work now, debit does not necessarily cut ou off anymore when your account runs out of money. Many banks, including credit unions, will let you go negative, they get you by charging $30 to $40 overdaft fees per overdraft!

Also, let's say you have overdraft protection. Every debit overdraft will be protected by sapping money from a linked savings account, but the protection fee can be as much as $10 per protection transaction! You get it either way.

sheograth

Yeah, but the cycle doesn't go on forever. If you overdraft a few times and don't add money to the account, eventually the card will stop working.

But you are right that you'll end up owing some money.

DaveG55

I don't honestly see how owning a debit or credit card will make or break someone's financial situation. It's how people spend and save their money that matters, not the instrument used to spend it.
I lost my job of over 15 years two years ago and I still own my home and pay my bills. And I have both credit and debit cards. I'm currently in college full time training for a new career (hopefully a more recession/depression proof one) and working at whatever part time work I can find. It's difficult but it is doable to make it in this economy after losing your job. But again, that has nothing at all to do with having a debit or credit card.

SAVAGEJIM

I commend you for that and for staying afloat over the past decade with all the down-sizing and all, you aer an example of good financial discipline and tenacity to keep yourself afloat even when you income is in distress.

I unfortunately cannot see many others practicing your finacial discipline. I wish people had your will and tenancity to curb spending when it is necessary, but unfortunately, most Westerners are so engrained in the consumer mode that shopping is alsmot like a gambling addiction.

If the majority of Westerners can learn finacial discipline, I think it is very possible we can survive this collapsing recession and climb out. The problem is getting everyone to become financially responsible and sound.

Let me thereforee amend whay I suggested: If you are sound in financial responsibilities, yes, get a credit/debit card or loan. BUT, if you are not finacially responsible, then do not get a credit/debit card or loan.

The purchasing power given by a credit card/debit card or a loan looks very appealing, but if you do not have financial discipline, that purchasing power is nothing more than a cupcake in the middle of a cow patty. It might look yummy at first, but you will only wind up stepping in a mess.

sheograth

That's exactly the point. I have a credit card and a debit card, and I use both quite a bit. I pay off my credit card bill in full every month. That way I pay no interest, fees stay low, and I keep a near perfect credit score.

Savage, all your points about financial responsibility are totally sound, but I don't think you give people quite enough credit. We can all agree that far too many people are irresponsible with credit and get themselves into trouble, but many are also somewhat wise about it.

SAVAGEJIM

I am not disagreeing with you either, afterall, if you do pay your debts in full at the end of each month and have high EquiFax/Experion/TransUnion scores, then you too are actually a rarity in the financially responsible.

I too hold credit cards and a debit card, as well as have 3 active loans I am paying for, I probably have at least $50000 in revolving credit, but out of the ten cards I have I only use one (as a matter of fact, I am very close to taking 3 of these banks to court because they refuse to close the credit cards I simply do not want; they want me to have them because just because my credit scores are well ofver 800, and I am not making this up.)

Now speaking statistically, yes, most Americans, 60%, are delinquent only 5% of the time for credit/loan payments, but there is still a very significant amount, 40% that do not meassure up. as a matetr of fact approximately 25% of Americans are delinqent with payments 30% (and more) of the time.

People of my score bracket are only delinquent 1% of teh time in payments (much less for me since I am an extreme stickler in paying my bills), and yes, I am kind of bragging (forgive me, but I am very proud of my financial responsibility and resulting score).

Unfortunately, I have to say that 25% of Americans, being delinquent 30% or more of the time, represents a very high number of people who should not get a credit/debit/loan.

Longhair

I'm all for kids to have their own debit cards as long as they are the ones putting the money in the account themselves.