The lesson for today is about teaching our kids that they should not be using credit cards to buy things they aren’t able to pay for with cash. It is a lesson about debt and how to stay out of it. The Bible is very clear about debt and how we are supposed to deal with it. It says stay out of debt at all costs.
Psalm 37:21 The wicked borrows but does not pay back, but the righteous is generous and gives.
So if you are going to sit down with your kids and have a conversation about how they need to deal with credit cards here are some subjects to touch on:
1) With your child, fill out the Income and Expenses
budgeting worksheet available at mymoney.gov.
2) Talk about how having a saving and spending plan all ready in place can help them avoid getting into credit card debt.
3) Discuss how they should always aim to pay their credit card off in full every month so that they aren’t getting charge interest.
4) Using the Credit Card Repayment Calculator
at federalreserve.gov, see how long it could take
to repay a $1,000 credit card debt by making the
minimum monthly payments.
These are not only good lessons for kids but also for parents!
If you like what you read, check out our children’s book, Hooked on the Book, on this website. It is great for parents and kids because it provides the Big Story of God’s miraculous plan for His children in all 66 books in the Bible including colorful illustrations, rhymes and a surprise on every page.