7 Reasons Why You're Too Young for a Credit Card ...

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You may think you're old enough, but there might be reasons why you're too young for a credit card.

Getting a credit card in your name helps establish your credit history, and for many young people, a credit card is a rite of passage into adulthood.

But if you get a credit card too soon, you might face financial trouble.

Here are seven reasons why you're too young for a credit card.

1. You’re Always Borrowing Money

If you're always borrowing money from your friends, parents or siblings, this is one of the reasons why you're too young for a credit card.

A credit card isn’t a “free money” card.

Everything you purchase with a credit card must be paid back to the bank that issues your card.2

Therefore, you need to have excellent budgeting and money management skills.

For that matter, if you have difficulty keeping up with your money, a credit card is the last thing you need to worry about.

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