As is the case for many things...it depends.

Answer: Some financial experts recommend getting a credit card when you turn 18 to start responsibly building credit

Questions:

• Do you think a person's age is a good determining factor in whether or not they should get a credit card? Why or why not?
• What other factors do you think are important in deciding whether or not you're ready to get a credit card?
• What are some responsible financial habits you can think of that would help you responsibly build credit using a credit card?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CNBC):

"The third-most important factor in achieving a good credit score (after making on-time payments and keeping your total debt low) is your length of credit history, or the amount of time you’ve had credit accounts in your name. Potential lenders like to see that you can keep your credit accounts in good standing for years to come.

In fact, a majority (83%) of people who have a perfect 850 credit score are either Gen Xers or Baby Boomers, according to Experian’s research. This shows that while it’s still possible to have a perfect credit score in your 20s and 30s, consumers with long credit histories have a major advantage. Credit expert Jim Droske, who has a perfect credit score, shared with CNBC Select that the average age of his credit card accounts is 10 years and 11 months and his oldest account is 34 years and 10 months."

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Looking for more resources to help your students manage various credit products? Be sure to check out NGPF's Types of Credit unit page.

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NGPF's Credit Clash is a fun way to give students a chance to make credit-related financial decisions. Give it a try!

About the Author

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.

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