In today’s fast-paced world, many of us have gone cashless, and writing a check seems like an ancient practice. We pay bills online, get our wages via direct deposit and check financial accounts on our phones. And when we’re out and about shopping, we take one of the plastic cards out of our wallets and give it a swipe – often without even thinking about it.
Unfortunately, our teens only see us paying for things withplastic and don’t realize that each card type has distinct characteristics that should be considered before using.
So how do you explain the differences between a debit card, credit card, and prepaid card to your teen? Here are a few key points to make it easier:
Article written by our guest financial expert: Jackie Weitzberg, CFP®, MSBA. President of Money MindEd, LLC., a financial education company with classes, online resources and one-on-one coaching programs for teens and young adults. www.moneymind-ed.com