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 is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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