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Creating Financial Responsibility With Prepaid Credit Cards

By Christa OConner on June 06, 2012

Learning to be responsible with money is a difficult task for many teenagers. Teenagers often are stuck in a stage where getting what they want is more important that practicing safe spending habits or savings accounts. Instant gratification often drives teenagers to spend every single dollar they may make on a part time job or through household chores and allowance. Also, many teenagers are unaware of the invaluable method of "living within your means" as they are not yet financially responsible for bills, rent, or loan payments. Talking with your teen early and teaching them financial responsibility will go far when it comes to preparing them for living on their own.

A great way to help a teenager gain financial freedom and remain responsible at the same time is signing them up for a prepaid credit card account. As we all know, credit cards provide a convenient way to pay for purchases at your favorite store, but they can also be used to make online purchases, reserve car rentals, and book travel packages. A prepaid credit card will give teenagers the convenience, security, and ease of paying with a credit card without all of the risk associated with it.

Since a prepaid credit card can only be used to make purchases that total up to the amount of money that has been loaded onto the card, a teenager will not be able to live beyond their means and go into debt (or put their parents into debt for that matter). If your teen has a summer job or earns money from a part time position, they can have their paychecks direct deposited right into their prepaid card account so they will not have to worry about refilling the card on a regular basis. If you do not wish to have the card tied to a bank account, many companies have prepaid card options that do not require a bank account to use.

When a teen can learn the value of money and can create spending habits that will keep them living within their means and not relying on a line of credit, they will be better prepared for when the time comes to live on their own and fend for themselves. Parents are the best models for their children so the best way to instill good habits is to practice them yourself. With so many types of prepaid cards on the market, each with different features and rewards, both you and your children can find one that is suitable and personal to you.

Check out http://www.prepaidcardsdb.com/accountnow-card to learn more about prepaid credit cards and their benefits and rewards.

Original article published on SooperArticles.com

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