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Credit Repair Future TipsCredit repair, credit repair, credit repair oh my! Teaching credit and credit repair to children and teenagers can seem silly and useless. Remember that a lot of teens grow up in credit repair situations because of student loans, credit cards, cell phone bills, etc (credit repair nightmares). Teach them credit repair the right way. Credit repair is for everyone, even young children.Allowing a child to be trusted with his/her own finances at an early age empowers them to be more responsible with their money in the future. We're not recommending that you allow your 12-year old to have access to your credit card. What we are saying is that in order for a child or teenager to learn money management, they need hands-on experience. The first step in establishing your child's financing is to give them a piggy bank. Tell them to start saving their money. This will teach them how to save money, which will prevent them from getting into debt trouble. Any time they receive allowances or cash birthday gifts, discourage them from going to the local toy shop and spending all of their money on toys or clothes. To keep them hooked on saving, show them how their piggy bank is growing, and tell them that once it reaches a certain amount, they can spend some of it. This will teach your kids that there are rewards to saving, both short and long term. For older children, it is important that they understand how banking and financing work. Show your teen your checkbook and teach them how checking accounts work. Have them fill in sample checks, or calculate your balance for you. Make sure that they understand that there is an underlying budget that all grownups must stick to. Explain to them what some of the more important terms mean, such as credits, debits, accounts, loans, etc.  |
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