If you want to teach your kids about managing money, stick with cash.
by Janet Bodnar
posted by Greg Lipinski
Even as consumers try to unload credit-card debt -- and card issuers try to unload high-risk borrowers -- some banks are still trying to get teenagers hooked on plastic.
"Call it plastic on training wheels!" chirps the press release for the new Current Card by Discover, the latest debit card aimed at "kids, tweens and teens." I've never been a fan of these cards, and I like them even less given the current economic climate.
The idea is that parents deposit money in the card account, which the kids can use to buy stuff or make withdrawals from ATMs. The cards tout selling points designed to appeal to parents. "Unlike cash," says the press release, "the Current Card gives teens a better way to track and manage their spending while developing smart money-management skills."
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