Carrying debt = bad, right? Seems like it, according to personal finance 101. But did you know that not all types of debt are created equal – and that certain types can actually increase your wealth? Understand the difference between constructive and deconstructive debt – and how to avoid the latter.
It doesn’t take kids long to recognize the power of plastic. My oldest daughter is barely six, but if my wife or I try to use the “I have no money…” line to get out of buying another toy or treat, she’s likely to say, “Well, use your credit card.” The point being, she gets how to use them, she just doesn’t really understand how they work. Should you give your kids a credit card? And, if so, when?