Should Your Teen Have a Credit Card?
By Suze Orman
Suze Orman
With a credit card comes a lot of responsibility. Is your child ready? Sit down with her and see if she can answer the following questions.  


 1. If you put $1,000 on a credit card and only pay the minimum (2.5 percent) each month at a 21 percent interest rate, how long will it take you to pay it off?






2. If you put $1,000 on a credit card and only pay the minimum (2.5 percent) each month at a 21 percent interest rate, how much will you have paid in interest alone?
3. If you are late on a credit card payment, go over your credit limit or miss a payment, which of these are possible?