3 ON YOUR SIDE (3TV) - How much credit do you give your child?
Apparently, a lot.
According to CreditCards.com, 8% of parents with kids under 18 say that at least one child has a credit card.
Also, 21% of parents said their children used their credit cards without their permission at least once.
Not surprisingly, the report also found the more a parent makes, the more likely a child is to have plastic.
The study said 13% of parents who make more than $80,000 have a credit card-carrying child.
That's compared with 5% of parents in the under $40,000 category.
The survey found location may also play a role. 13% of children with credit cards live in the Northeast, 8% live in the South and 5% in the Midwest.
As you know, underage children can't apply for their own credit cards. But they can be added to their parents' card accounts as authorized users.
The downside, experts say, is they can make unauthorized purchases and ruin their parent's credit.
However, there are benefits to giving your child a credit card. Experts say it gives them a head start building their credit and learning how to manage their finances.