Why should your child get their first credit card at 16?

Did you know that landlords may require a certain credit score to rent their property? And that credit scores may be used to set interest rates on a car or student loan? Utility companies often use the information to set their security deposit. A better credit score will reduce the cost of a personal loan if you need one. Chapter 3 “Accounts and Credit” in Financially Independent Teens explains in more detail why good credit matters and why your teen needs to start building credit early!

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