Pros and Cons of debit card for 17 year old?

Question

Should I just wait 11 months until I'm 18 and get credit cards, or should I open a debit/checking account now? Pros/cons? I know that debit cards don't build your credit.

Answer 1

You should open a checking account now, and get used to managing your own money before getting the card, because when you start getting the bills, etc.,that is a big realty check.  You should be familiar with your spending habits and how to manage a checking account now.

Answer 2

big con at any age is not keeping track of your urchases which sometimes take a few days to post to your account and you could wind up overdrawing your checking acct - and that will cost you big - say you check your balance and it shows you  have $20.00 left, so you spend $15, but you forgot you had three $10 purchases the night before - that will be 3 overdrafts and each one might cost you $40 EACH in overdraft charges, then you have to come up with $145 just to get you back to zero balance

Answer 3

Be sure to charge only things that are needed, and that you ALREADY have the money to pay for it - don't buy now with the idea of paying for it later.

The best way to get out of debt is to never get into debt.  ALWAYS pay off your credit card IN FULL each month.

Credit cards allow you to make impulse purchases. If you can't control your impulses, avoid the credit cards.

Be sure to start saving for the future - cars, houses, a couch, washer, dryer, fridge etc. cost a lot more that people think. It would be great to walk in an pay cash for as much as possible - then wait until later for the rest.

Answer 4

Credit cards are not good, they allow you to spend more than you earn and end up working for your credit card company. What i mean here is that you will end up paying the better part of your salary to the credit company i interest and other charges if your not careful.

Consult your financial adviser.