A prepaid debit card may help your kid learn a little bit of monetary prudence.
The difficulties with prepaid debit cards have already been so well chronicled because of the news lately that anybody starting one should show up with a hook that is new obscures what the product actually is: a no-frills bank account with a high fees much less freedom. It being a salvo within the battle from the exploitation of almost every disadvantaged team you might imagine: вЂњDebit cards are just what keep consitently the under-served вЂ” including minorities, immigrants, the indegent, soldiers, veterans and pupils вЂ” through the claws of payday loan providers and look cashers, from embarrassing lines waiting to cash their paychecks and then more lines to pay for their bills. as he unveiled their RushCard, hip-hop mogul Russell Simmons toutedвЂќ
But one of the most intriguing entrants in to the prepaid credit card industry is a business called BillMyParents, that has embarked for an aggressive advertising campaign to pitch the prepaid card CEO Mike McCoy, previous President of Wells Fargo credit Cards, told me personally represents вЂњan possibility to show accountable investing and also to take action before teenagers allow us bad investing habits.вЂќ