In North America and teenagers talk about "money" 2

 

Credit

Good credit records from the good credit

If you want to get the car and house low interest loans, or rent a house, buy a car insurance, home insurance, life insurance, job, must have a good personal credit records.

Let the children have a clear concept of the credit card, will watch your credit card bill. They may have been used to see you use credit cards to buy things, but they had not seen your credit card bill or see you write a check to pay the credit card bill? If they haven't seen your pay check, credit card to them, but is abstract plastic money.

A credit card is a good idea for college students have, in this way can help them to establish a credit record. You need to know in his credit card number, pay attention to, in the event of a problem can immediately consult with him to solve the. If your credit card authorization allowing their children to become the additional use of people, you can learn more, and in most cases, they can establish a personal credit record.

Credit card companies are also doing promotion in some high school. These young people need their parents do credit card joint signature, amount of credit limit is very low, cash loan fees and overdue fines are very high; the credit card can teach children to handle credit card. Many parents allow children to have a credit card is convenient for children to solve emergency. A cheque account debit card may be the best way to take the children emergency cash money, because there will be cash loan fees and immediately began to interest calculated by credit card.

Small font description

Remind the child to pay careful attention to credit card printed on very small font, it often some important details, such as interest, overdue fine and cash loan fees.

College student credit

Nearly 2/3 of college students have credit card. Some children get a credit card when free money, has used the detonation card. If they can not properly use the first credit card, will have several years cannot repair damaged credit record, and even lead to bankruptcy.

According to the Research Report of Nellie Mae2001, 92% of the Sophomore has at least one credit card. These credit card debt owed 1770 yuan on average increased from 1236 yuan in 2000 to 2001, the rate was increased by 43%.

Credit card salesman with various methods in the university campus to attract students to apply for a credit card. They will send T-shirts, bags and gift certificates to lure students. You want to point out that the high-pressure sales tactics, at the same time, they are taught to wise use of credit cards.

Credit cards have a seductive appearance, is not at all good credit card. Not because of a credit card is designed to cool or shiny photos, not because of a credit card is issued by the child's school or favorite team, to the card. Should teach children to compare several cards, then one has the following conditions: low interest rate card, no annual fee, overdue fine average rate is low, overdraft penalty etc..

Students with credit card

You can help your university years children use credit cards wisely. As they prepared to leave for University, some basic rules:

• If you apply for or receive credit card, please tell me.
• As far as possible in the university graduation only use a credit card.
• Only in case of emergency, the use of credit cards before or after I agree in advance and spend a large. After use must be paid according to regulations.
• If you want to eat with a credit card, watching a movie or to buy daily necessities, will clearly take control and accounting records, monthly payment of the bill after re start spending.
• Credit card limit should be maintained at around five hundred yuan to easily control the use amount, and the accounts should be maintained at two hundred yuan. If the credit card companies to increase credit card limit to you, please let me know.
• Ensure payment is sent to the credit card companies within the time limit, otherwise we'll have to pay the overdue fine.
• As far as possible every month check all arrears.
• If not a payment, to pay more than the minimum payment more money.

 

Credit report

On time to pay the bill

Overdue fines and interest credit card debt will rapidly increase, let your children know they have to timely payment of credit card and other bills. Most of the Credit Company for the overdue fines of up to 35 yuan, if the bill fails to pay more than thirty days, will enter the credit reporting agency records, and the records left to the black marks will be kept for seven years.

Pay more than the minimum number of bills

The majority of credit card companies would require a minimum monthly credit card customers have to pay 2% of the account, if you follow the proportion of pay, will not only prolong the pay off all accounts of the time, but also pay a lot of interest.

If the average 1770 yuan credit card account with your child, and each month pay only 2% of them to the credit card companies, the bill may be dragged to nineteen years to pay off, interest itself is 2000 yuan.

On the contrary, if your child monthly pay one hundred yuan, this account in one and a half years to pay interest, and a total of only 225 yuan.

Bad credit records will things go wrong

A graduating college students if the credit record is not good, he is not only apply for loans or credit cards. Employers may be pre screening applicants credit report. Specific tasks, such as financial services, technology and law enforcement departments, usually check the credit histories of job candidates. Whether you score well, or take what degree, credit records do not good will make you lose jobs.

If you have bad credit records, will be settled if an application to the phone or hydropower equipment, have to pay the deposit before, this is an extra expenses.

Check your credit history

Remind the child they can query personal credit records in the three major credit reporting agencies (see page 18 of the three agency information). All of credit card holders will be recorded in one or all of the three institutions. Federal law protection of personal credit records for their rights.

A recent personal credit records if because of influence of all kinds of credit applicants, can request a free credit report to provide information, and any person may at any time by ten yuan to purchase a personal credit report.

The three credit reporting agencies

• Equifax (Www.equifax.com) 800-685-1111
• Experian (Www.experian.com888-EXPERIAN (888-397-3742))
• TransUnion (Www.transunion.com) 800-916-8800

 

Drive

Want to have a car

Talking about cars, many children only pay attention to every month to pay installments. In fact, may have to pay double the money can really have a car (please refer to next page "monthly cost of car ownership"). Talk with your child about owning a car the true cost is the most important.

If you want the child to driving a car safety car, but the car price is too expensive, so choose a second-hand car, because the car depreciation rate in the first year had been as high as 20% to 40%.

At present, many car dealer sales "certified used car", which was used for three five years or the lease car, they not only after a thorough examination and the guarantee and maintenance schedule. But buy any used car, even if there is a certificate of the second-hand car, should do some investigation, and make a reliable car repair technician to check the car. Query URL new value of used cars and car tips you can use the Kelly Blue Book:Www.kbb.org. Also spend some money, access toWww.carfax.comThe car model code (VIN) to identify the vehicle history.

For example, the most expensive car new car is Kia Rio, the basic price is 11495 yuan to 12370 yuan. And Volkswagon Passat in 1999, it has safety and crash test good evaluation, general automobile dealer price is 13000 yuan.

Automobile insurance, wow!

The teen driving car insurance will be too high for you gasped! According to the Insurance Institute for highway safety statistics, at the age of 16 to 19 year old driver, the possibility of a mile drive process may have a serious accident is four times that of adults. The 16 year old had the highest rate, three times 18 years old. The statistical data that insurers have reason to accept young drivers to higher insurance premiums.

Generally speaking, young girls than boys would be considered high risk group, their insurance premiums will be lower.
The insurance industry to provide some tips can use the lowest cost to cover the insurance for teen drivers:

• The car insurance premium high security will be low, like the record SUVs SUVs will lead to the rise in premiums. You can access the Internet toWww.insure.comLook for the safe performance of the car, the car may not let the children become the campus parking lot attention central figure, but how many will be a bit cheaper premium.
• If children have more than B scores, buy insurance might well get a discount because
• If your driving record is good, the child's insurance on your name, may be able to enjoy the preferential and car insurance discount. Although all the insurance in your name, but not what you must bear all the premium, you can only pay that part of their children, and to pay the part of their.
• If the insurance company for the insured to driving safety course in order to obtain the safe driving discount, you can encourage children to participate in the.
• When you buy a car, insurance (or any other insurance) multi query several companies compare insurance, also can consider to buy some of the self payment amount. Co pay higher insurance plan, the insurance premium is low.
• Be sure to explain speeding car moving violations and accidents, to the child (baffle even just met another car) will cause the car insurance premiums soaring. Discuss the serious consequences of drunk driving and children, to emphasize to them if not driving safely, later may can't drive, the reason is driving record of poor people don't buy insurance. (you should be a good role model, in the car for example is better than precept).

The monthly cost of owning a car

The chart below is the estimation of a boy of seventeen years old have a value 10000 yuan car, driven by the purchase, loan, the monthly cost of. In this case, the buyer to pay 2000 yuan first loan, after four years the monthly pay 6% interest on loans.

The total annual cost	Monthly cost
Loans: $2254.56	$187.88
For maintenance: $120 (4 times for oil)	$10.00
Buy parts: $200 (new tires)	$17.00
Repair fee: $100 (muffler)	$9.00
Buy gasoline *: $720.00	$60.00
Insurance: every year $1500	$125.00
Sales tax: 6% $150	$12.50
The licence fee: $60 per year	$5.00
The total amount of:	$426.38

* false count drive 12000 miles a year, go 25 miles per gallon of gasoline per gallon of gasoline, about $1.50

 

Mobile phone

Wireless telephone

Because young people love to call is well known, this caused the rapid expansion of mobile phone market. Many parents in order to know where their children and emergency response, is willing to pay for the mobile phone fee.

Telephone companies are family call plan or prepaid card mobile phone, youth friendly customer, but these are not the most ideal trading.

Young people like to have a personal mobile phone, but they don't have a credit record, CO signer parents may want to make mobile phone contract. You have to work on shift their mobile phone color and Bell's attention, and he together to review those printed very small text. So you can save hundreds of dollars:

• The majority of mobile phone whether to make or receive calls to pay by the minute, many families plan calling plans call each other in two family members will double buckle minutes.
• By mobile phone, even if is 800 free call to charge.
• Local calls may not be included in your calling plans range, so you may have to pay high fees for local telephone calls.
• Directory assistance services and forwarding services costs may be prohibitively expensive.
• Mobile phone and its premium prepaid card may have up to $0.45 per minute.
• Specific tones, message service and other optional services are usually required additional fee.
• Subtitle message is usually according to the number of billing. If you use the mobile phone to download email or browsing Webpage, some even will impose additional charge by the minute.

 

The resources on the network

Worth view site

Hot issues:Kiplinger Webpage abstract have teenager smart money column, it covers a lot of parents want to educate their children's financial management concepts, the URL is:Www.kiplinger.com/columns/kids/archive.html

Funny money:The The Motley Fool siteWww.fool.comOne page is about teenagers and their money, there are many new ideas, can learn a lot of interesting learning, money saving and investment.

The reality of life:The Jump$tart web siteWww.jumpstart.orgThere are many tips and instructions to the financial aspects, all for young people and design, of which there are many answers is to help young people understand how much it would cost if independent living.

To make his own decisions:YoungBiz (Youngbiz.comThe Webpage) on some stories about teenagers how entrepreneurs start their fresh, interesting and profitable business. Girls can find this article (in Independent MeansWww.independentmeans.com).

Money is not everything:The center for a new American dream WebpageWww.newdream.orgIs a website promotion of environmental protection, quality of life and social justice and human responsibility.

To fulfill the word:In today's youth (Http://www.teenagerstoday.com/resourcesBe good at giving systematic guidance of youth ) provide advice, will be the focus of attention should be placed on their growth years.

Job wanted.Not only adults can surf the Internet to find work. Except for some specially designed for adolescents sites such asWww.studentjobs.gov,Www.teens4hire.comOrWww.snagajob.com , can also try the larger job siteMonster.com, or retail, catering industry chain.

To pull together in times of trouble.Money (YoungWww.youngmoney.comThe Webpage) is produced by many young people to participate in the. Provide relevant financial, comparative shopping, consumer rights and interests, work etc..

Where the money is:FinAid (Www.finaid.org ) is a trusted site, including how to apply for a student loan.

Test yourself:The SEC's Web site (AmericaWww.sec.gov/investor/tools/quiz.htm ) provide "test your wisdom" Q & A, in order to understand the financial management of the.

 

Stewed Assorted Delicacies credit card

Introduction

Is the best person to teach the children the credit knowledge of the parents is the most parents to teach their children the credit knowledge, and when this young children may get a credit card, therefore, to start their education.

Many parents believe that the safety wheel for the children of a credit card is just like in the children a good credit management plus can practice safe cycling. However, credit decision does not correct it may bring their years of distress.

As soon as possible and the children to discuss how the judicious use of credit cards can help them avoid problems encountered after growing up, can also teach them how to make good use of credit.

 

This is your decision

Can give children a credit card? Only parents can make this decision.

You can according to children's age, maturity, life needs and family and spend approach to consider.
Although young children can get a credit card, many parents still decided in their children become adolescents that they use credit.

Ask yourself:

• I can let children use a credit card?
• Children use the credit card is do what use?

For example:
"Encounter emergency, credit / debit card can come in handy.
"Your children's school if there is a picnic lunch, they can buy with credit card.
"If children like to choose their own clothes , you can let them buy their own.

• My child is responsible enough to use to control the credit card?
• For the children of a credit card will help instill their financial responsibility?

If you decided to give children a credit card, prior to issue credit cards to minors way is very important.

 

Minors and credit card

Most American credit card companies does not provide a separate credit card account to minors, because children are not able to sign a legal contract. If parents want to give children a credit card, can give account them a parents and associated credit. Additional card minors held called authorized user or account vice card holders through affiliated card holders.

Only the account is card holders need single negative legal responsibility. If the account is the card holder, without paying , their credit records will be damaged. According to the different Credit Company respective regulations, affiliated card holders may also suffer!

 

Supplementary Card Holder

The Credit Company has provided various for vice card account:

• The minimum age. Some credit card companies vice card holders with a minimum age limit , some are no age limit.
• Account number. The credit card companies have their own rules, some vice cards are cards share the same account, some vice cards are cards were using different. Credit card is lost or stolen, if Deputy card is different for you.
• Bills. According to the different companies, vice principal card account may be separate or mixed. If the card account packet recorded in the bill, will facilitate your press card audit.
• Credit report. Most companies are card holders pay records also remember to vice card holders credit report. There are a few companies will not be pay records listed in the next 18 years old of the following supplementary card holder report.
• Responsibility. Credit record or income level most credit card companies don't check card holders. Are card holders to agree on the vice card holders to spend and drawing bear full responsibility.
• Marketing. The company marketing vice card holders in different ways. Vice card holder if the data has been the credit reporting agencies mainly included , they might receive credit sales. Some companies voluntarily control juvenile credit report information to avoid them an object of credit sales.
• Debt collection. If the card holder against credit card agreement, debt collection companies may and vice card holder contact but not force them to account for the negative legal bills. In vice card holders may be negative data card holders to be reported to the credit reporting agencies of the name. Some companies do not report the minor credit data. Vice card holders should credit report without they bear the legal responsibility of the debt dispute data, at the same time, resist the repayment pressures.

 

Credit and cost management method

Many credit card companies to provide management methods to help you manage the family spent.

The use of the internet.The use of the Internet to check the credit card and bank account, you and children can track the expenses of the family. If you know the balance you, is unlikely to exceed budget maxed out credit ceiling is sent when facing sudden huge or in the bill.

Statement. Credit card, credit card and cash card (and some prepaid card) monthly statement will list all of the overhead project, some companies offer Internet services convenient your check is not yet in the statement posted on the overhead situation. Some companies offer year-end lists all the expenses and pay bills record to illustrate your cost flow. Some companies allow you to be arranged in each card to check the accounts and access conditions.

Early warning. When you approach the credit limit or overhead to a certain degree by credit card, many credit card companies have warning service to remind. You can send the bill payment date, payment, the amount of available automatic close to bottom line, drawing record or any alien common card behavior to the electronic letter phone or personal digital recording (PDA) through the set to remind or warning.

Financial statement. Internet banking calculation table is a good tool to teach students in accordance with their aptitude. You can show to the children a credit card bill how long will it take to pay or according to the loan period and the interest rate is the interest you owe.

Credit card. Some people find that credit card monthly closing, so easily. Credit card does not have a default credit limit, so to go out in the outside person may be the better choice, buy goods is also convenient.

 

Credit card payment center need to balance

If it is a $1000 account, the annual interest rate is 15%, if the monthly pay only the minimum amount of $30 , which is 3% of the total arrears, almost 106 months (nearly 9 years) to pay off.

The original is only $1000 account interest can be accumulated to $576.

But if you pay a monthly $40, up the account period will be shorter than three years, the total amount of interest is .

Data sources:Bankrate.com

 

Credit scheme over the age of 18

If your child is 18 years old or over the age of 18, in order to apply for credit because of the lack of credit records being rejected, you might be able to joint account. Credit card companies allows a good credit record and the need to establish a credit history who open a joint account.

When you have a joint account or credit card loans, you on debt. If no payment account joint debt, your credit history may be damaged.

Join a joint account, you will not receive . You can use the account number set the Internet or phone to check whether the punctual payment arrears. Audit accounts and limit any negative impact because of payment problems on your credit record generated.

 

Credit card other than the shopping

The credit card is not only convenient plastic payment method:

Credit cardSimilarly, credit card, have credit shopping. The monthly bill must be paid in full, it can avoid paying interest and help you control. Credit card card differences and credit are not accumulated arrears.

Cash cardLooks like a credit card, but the cost buckle from your checking account to. Cash card can be shopping can also withdraw cash. If you are interested in you to this choice, can query includes cash card, adolescent checking accounts.

Prepaid card, also known as the stored value card, it seems like a credit card or cash card, but contains only your prepaid. Prepaid card can also be in the automatic teller machine (ATMs) drawing or in stores that accept credit cards.

The deposit cardLet no credit record to establish credit. They are a first you have to store the amount of credit card Credit Company. If the breach of contract without paying , you deposit money will be confiscated.

 

Some tips to share with their children:

• Always check the bank statement and the credit card bill. If any unauthorized spending in 60 days, dispute. Keep the receipt and one one check and bill.
• Don't just pay the minimum payment, even pay a few dollars, you have the on. If you only pay the minimum monthly repayment amount will express checkout period will be prolonged, you interest to pay the amount of will.
• On time to pay the bill. Overdue payment will increase your interest rate, also recorded a negative on credit.
• The credit record of damage can affect your life. When you borrow, rent or the job will have difficulty in reading.

 

The children left home

All parents want their children to have enough money to spend on a school trip, travel in Europe or to the shopping center around.

Credit card, credit card and cash card. They are very common, not only can be used to change cash, but also in the loss or theft of the replacement of the new card. Ask about the foreign ATMs will accept your personal password to the bank in before traveling to a foreign country. Teenagers don't remind the personal password written on the card or put in the purse.

Prepaid card. Several companies provide shopping and in automatic teller machine withdrawals of prepaid card. Using the account or credit card can deposit to prepaid card or withdrawals from prepaid card. Before buying a travel card , to confirm if it is lost or stolen, the balance on the card can switch.

Traveler's check. If the travel time is longer, can choose travel. To the credit card companies or Auto Association query whether they provide preferential service checks. The traveler's checks in paper and plastic card issued two forms of distribution.

 

Spending and savings

Want and need. Explain to and different needs is an important subject, can help teenagers at financial and know the cost.

Want is you want to have goods, if not also have no big AI, frozen for example a new video game or a cup of $4. Need you have not, for example, three meals a day housing and work.

If you can avoid some want but not really need something , you can save money.

The default line. If the child credit card under your account, when you give your credit card in his hand when he agreed to a cost. Can consider to ask their children to pay their fees or to pay them some special overhead.

Talking about money. Definitions have many opportunities to teach their children about money.

• Young children to a saving cylinder is used to save money to buy their own toys. This can make them understand that not getting what you want immediately, have to save up to buy.
• When you go to the shop, let the children go to those who are the sale items, play a shopping price.
• The next time your children want to buy expensive items, told them to work many hours to earn enough money to buy.

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