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The question of when to grant children financial independence is evolving alongside their access to technology. Although smartphones have become commonplace for younger and younger children, the question of whether to extend that access to credit cards is sparking debate. A recent segment on Good Day Orlando addressed the issue, prompting consideration of the potential benefits and risks of providing credit to minors.
Currently, federal law generally prohibits individuals under 21 from obtaining a credit card in their own name without demonstrating an independent ability to repay, such as through documented income. Yet, Notice exceptions. Minors can be added as authorized users to a parent or guardian’s account, allowing them to create purchases on the card but not establishing independent credit. This approach allows parents to monitor spending and guide responsible credit employ.
The potential benefits of introducing credit cards to young people, even with parental controls, include teaching financial literacy and building a credit history. Establishing a positive credit history early can be advantageous when applying for loans, mortgages, or even renting an apartment in the future. However, experts caution against the risks of overspending and accumulating debt, particularly for those not fully grasping the implications of credit.
Orlando International Airport (MCO) offers a variety of lounges for travelers seeking a more comfortable airport experience, but access typically requires specific airline status, premium credit cards, or paid memberships. These lounges, such as the United Club, provide amenities like complimentary food and beverages, Wi-Fi, and quiet spaces to work or relax. Access is not generally available to those under 18 unless accompanied by an eligible adult.
For families planning vacations, particularly to popular destinations like Walt Disney World or Universal Orlando Resort, careful planning is essential. The cost of tickets, accommodations, and other expenses can quickly add up. NerdWallet offers guidance on the best ways to purchase Disney tickets, while The Points Guy provides resources for planning a trip to Universal Orlando in 2025, emphasizing the importance of budgeting and maximizing value.