About credit cards, that is.

I found an article over at creditcards.com that actually asked a group of 5^th graders questions about credit cards. There was a fair amount of right answers in the group, but what I found so hilarious is that some of the answers that are funny from kids are the same answers I’ve gotten from adults looking for help when they’re already in trouble. So, to that end I’ll post the questions that were asked and my favorite answers.

I do recommend that you read the full article, though, because it was just so cute! You can read it here. Note: the kids’ names were changed in the original article, so these are the names that they used.

Question # 1: What is a credit card?

Favorite answer: A little girl named Leslie says that a credit card is “something paying double for someone else’s money.”

Ha! Funny how true that almost is.

Question # 2: Why do people use credit cards?

Favorite answer: Again, this one goes to Leslie who says, “People use credit cards because they are lazy to use money [sic].”

Wonder what her parents are teaching her?

Question # 3: Where do credit cards come from?

Favorite answer: This one from Dale who says, “Credit cards come from a bank store or credit store or when you get a license you get a card.”

Can you imagine what it would be like to have to buy credit?! Yikes!

Question # 4: How do you get a credit card?

Favorite answer: Adrian replied, “You get a credit card in the mail when you’re an adult.”

Yup, that’s about right.

Question # 5: Who can get a credit card?

Favorite answer: Dale answered, “Anyone who is legally righted for money.”

What do you even say to that? LOL.

Question # 6: Who can’t get a credit card?

Favorite answer: Dale again. “Anyone who has been like in prison or you’re a felony person or something.”

I’m thinking Dale’s dad is a lawyer.

Question # 7: How can you tell if you need a credit card?

Favorite answer: This one goes to Troy who said, “When you get bored walking around with hundreds of dollars in your pocket.”

If that day ever comes, I’ll eat my shoe!

Question # 8: How are credit cards different than money?

Favorite answer: Tony’s the winner here. “A credit card is different than money because you won’t run out so fast.”

You know, people treat credit cards that way, so I can see why Troy would think that.

Question # 9: Who pays for stuff bought on a credit card?

Favorite answer: This one goes to Jamie. “You or Mom or Dad.”

Remember the days when mom and dad paid for everything? Gosh, I miss those days sometimes!

Question # 10: What happens when your credit card is lost or stolen?

Favorite answer: Again, Jamie’s answer was rather nostalgic. “Look for it and call your Mom and Dad.”

Kids say the darnedest things sometimes, don’t they? But, the lesson here is that teaching kids about credit is important. Some of the kids that took this test were pretty close to having the right answers, which means their parents took the time to explain how money works. But, some of the kids have no real clue and those are the ones that end up running into trouble later on, when the credit cards just show up in the mail. Whether you want your kids to have credit cards or not, they need to understand what they are and the damage they can do.

Ok, feel free to share your favorite answers from the original story if you read it. What can we learn and share with our kids from reading stuff like this? Do you think this helps show why financial education is important to children?

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2. The Weekly Roundup
3. How to Teach Your Kids About Credit
4. 5 Ways to Teach Little Tykes About Finances
5. Are Banks Failing Their Customers?