Survey: Credit card access has risen among children - KULR8.com | Montana's News Leader | Billings, MT

Survey: Credit card access has risen among children

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BILLINGS, Mont. -

As unbelievable as it sounds, more and more parents are giving their children access to credit cards at a young age.

According to Creditcards.com, a recent survey shows credit card access has quadrupled among children 8-14 years of age. That huge jump has happened in just 4 years. The survey showed 18 percent of children between the ages of 8-14 are now carrying credit cards as guests on their parents' accounts. It's an increase of 11 percent since 2015.

Financial advisor of Buchanan Capital, Inc., Todd Buchanan, says parents are doing it so their children are prepared during the college years. He says that's the time when many students have to deal with credit cards and loans, but have trouble figuring it out.

"Without a doubt, one of the biggest reasons would be to help have that conversation in developing financial literacy with your children. Talking about appropriate behaviors when you're working with debt," Buchanan said.
   
Creditcards.com indicated since people under 18 can't get into legally binding contracts, the accounts are tied to adults.

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