Nov
28

Teach Your Children about Credit Cards & ID Theft Protection

November 28, 2012

ID theft protection starts earlyParents often teach their children how to work with money by using piggy banks and small allowances; however, many young adults get hard lessons about credit cards and

ID Theft Protection once they leave the nest, so the experts at the Equifax Finance Blog have come up with some financial lessons that all parents should teach.

In their recent article, “

Three Lessons to Teach Your Children about Credit Cards,” the experts explain that a basic lesson about credit cards may do your child wonders in the future. By ingraining a few simple concepts about money management early on, your child may be able to manage their credit more effectively and may be more vigilant concerning identity theft.

The Equifax article outlines three important lessons to teach:

  1. Credit is borrowing someone else’s money.
  2. Credit cards and spending plans go hand-and-hand.
  3. Having a credit card is your choice; it’s okay not to have one.

The foundation of these lessons begins with the basic concept that credit is a loan. Children often think a credit card is a magic piece of plastic that can buy them anything they want. It is important to explain the reality of credit cards early on, so these individuals do not grow into young adults who over spend on credit cards and then get into financial trouble when they get the bills.

Explain to your children that using credit is really using someone else’s money. It is a loan that must be paid back because it is borrowed money. Also, show your children your credit card statements and explain how interest is added to the borrowed amount. Then, go over identity theft protection information concerning credit cards.

For more helpful financial tips or to answer other questions such as ‘what is a credit score?’ please visit the

Equifax Finance Blog today!

Categories: Economy, Education

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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