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Originally posted by tothetenthpower
Originally posted by Phage
Um. It's a prepaid card.
Do you think learning how to budget is a bad thing?
Prepaid cards have fees. Why does my child have to pay a financial institution to learn how to budget?
Don't we mostly all own the internet these days?
~Tenth
Originally posted by Wrabbit2000
reply to post by WeRpeons
After years of listening to Dave Ramsey and his thousands of listeners using his program to announce their final day of 'Debt Free!', I've come to agree with him.
Credit Scores are only one thing. An 'I love debt score'. It shows how much you love and how well you care for debt.
Originally posted by Zarniwoop
The card in the OP appears to be less about training kids about budgeting and being responsible with their money and more about training them that they can't be trusted and need to be monitored 24x7.
How it works
It's real-time parental controls applied to a debit card.
To me, this has nothing to do with cash vs. credit. It's about using technology to raise your kids.
With today's technology, you can monitor in where your kids are, who they communicate with, what they watch on TV, and now what they are allowed to spend money on and where they spend it.
Next thing you know, you will be able to use shock therapy when they try to buy something on the block list.
They pull up to McDonalds and try to use the card... zap 'em.
The alternative to this card would be to teach your kids good values while they are growing up, give them cash to spend in small quantities, and hope they make good decisions on their own. They won't always do that, but that's part of the learning process.
Hmm... this kind of spying on your kids spending just might make them get a part time job on the sly, then just spend cash so nobody knows what they are buying.
Originally posted by Zarniwoop
Hmm... this kind of spying on your kids spending just might make them get a part time job on the sly, then just spend cash so nobody knows what they are buying.
That's actually a great idea.
Want the ability to spend freely?... well you'll have to earn it.
I'm going to suggest this to my neighbor
A common Ramseyite meme, and quite false. Credit is not debt. Having credit available does not mean you are in debt. You can build credit without ever having any debt. You won't max out the FICO model without at least some utilization, but you can build a history and generate a score with none.
And...your point is what? Isn't that sort of the whole idea? You don't think your supermarket owner is rich? He has the gall to make a profit on food! Shameful.
They got rich by GIVING credit and making the interest back on their own money, many times over.
Originally posted by FlyersFan
Seriously .. doesn't he draw the younger crowd??