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This month, Justin Bieber begins marketing a prepaid card designed to promote responsible teen spending to his millions of fans. He’ll take to social media to spread his message about the SpendSmart MasterCard from a company called BillMyParents, Inc.
Originally posted by Phage
Um. It's a prepaid card.
Do you think learning how to budget is a bad thing?
She (he) doesn't.
Why does my child have to pay a financial institution to learn how to budget?
Source
Drazen Prelec and Duncan Simester of the Sloan School of Management at MIT, did a study about credit cards and your spending habits. Their study found that subjects paid more when they were instructed to use a credit card rather than cash. In fact, they found that they were willing to spend up to 100% more with plastic.
I don't think the plastic is the problem. I think the credit is. Fun now, pay later. More fun now, pay more later.
On this one, I think using the plastic brings measurable behavior changes to spending as a whole.
I see no reason for my kids to have a multitude of plastic cards that hold money in different places
Originally posted by Phage
reply to post by tothetenthpower
I see no reason for my kids to have a multitude of plastic cards that hold money in different places
I don't either. Justin says use MasterCard so just use Mastercard. Ok?
Originally posted by Phage
Um. It's a prepaid card.
Do you think learning how to budget is a bad thing?