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Credit card charges: Parents should encourage children to be wise financially

In order to avoid credit card charges, parents should encourage their children to be wise when it comes to using credit.

That is according to Una Farrell, spokesperson at the Consumer Credit Counselling Service (CCCS), a charity for people who are in financial difficulty by providing free, independent, impartial and realistic advice.

Ms Farrell was asked how parents can support their children financially.

She said: "Help them plan, encourage the wise use of credit … Up until you're 18 you can't take out your own credit and then suddenly you can get a credit card.

"There are so many things open to you, people could rack up a lot of money on there and not necessarily understand how much it is going to cost them."

Ms Farrell added that parents should make sure they do not rack up debt themselves in trying to help their youngster financially.

Clydesdale and Yorkshire Banks recently revealed that 84 per cent of first time buyers rely on financial support from their parents.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.
 ADNFCR-2776-ID-800560114-ADNFCR



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