Capital One - Trying to get my son in debt!!!

Garry2

I'm 18 and I have a credit card, a debit card, an overdraft and have several direct debits set up, I requested no parental advice before doing any of these things. My financial situation is for me to know about.

I pay my card off in full twice a month because of the low limit.

Managing a credit card is so unbelievably simple, you must not think very much of your son if you feel the need to throw away his junk mail for him.

King_Weasel

Good on you, Garry. I just wonder if all 18yr olds are as savvy - not that it's entirely an age thing by any means. I guess you have to accept that advent1122 knows their son better than we do but I admit I was a bit taken aback by the casual reference to opening his post.

Ms_Chocaholic

ben500 wrote: »

My twopennerthworth GOOD FOR YOU if he's in your house and your care then you go ahead and keep on caring ! I would take it further and send them a letter recorded delivery advising them they are offering credit to someone not in a position to afford that credit and that you will use proof of delivery of your letter in defense of any claim against your child for debt in the future!! Well done don't let your kid get hooked by the sharks.

You are advocating the mother sends this letter in respect of her EIGHTEEN YEAR OLD SON. He is her child but he is an adult now and old enough to make his own decisions.

The OP would be far better teaching her son to be financially minded, as I did my son from an early age. In fact when my DS was very young he wouldn't put his money in a bank, he thought they were going to keep it and he would never get it back. Once he learned that he would get it back and more (interest) he began to value money and understood about APRs etc from about 16 yo.

jonesMUFCforever

advent1122 wrote: »

I am scared now.
Do you think I will go to prison?

Probably not but if he found out what would he think of you?
Do you still wipe his !!!! as well?

Your attitude stinks!

And while we're at it better not let him watch the telly tonight - all those car adverts, or mobile phone ads, or the latest Ipod etc etc and god forbid he buys any Lynx deodrant.

ben500

Ms_Chocaholic wrote: »

You are advocating the mother sends this letter in respect of her EIGHTEEN YEAR OLD SON. He is her child but he is an adult now and old enough to make his own decisions.

The OP would be far better teaching her son to be financially minded, as I did my son from an early age. In fact when my DS was very young he wouldn't put his money in a bank, he thought they were going to keep it and he would never get it back. Once he learned that he would get it back and more (interest) he began to value money and understood about APRs etc from about 16 yo.

Yes that's exactly what I am advocating, creating a paper trail, advising the vultures that the victim is incapable of coping with the debt they are being tempted with, to provide evidence at a later date if needed to demonstrate the company were acting irresponsibly in offering the credit, and diminish their chances of recovery in the event they are successful in drawing my children into a quagmire of debt.

diamonds

or do as my dad did, no credit under his roof even @ 18, save or pay him the instalments after he bought it in his name..........taught me well and that was from 14 and earning 7 quid a week paper round & 5 pocketmoney , and it had to be paid installment due time not bank of dad time (that was borrowing cash from him not credit ), them princilpes stand with me now 15 yrs later after leaving home - credit first and on time, bank of cash dad later on the odd ocassion i sub him ( like recently thanks to having no bankcard due to a bank employee error ), I recently have borrowed 200.00 which he has to be paid @ 100.00 a month when my bankcard eventually gets here, the funny thing.... he's hopeless with cards loans, savings, spendings etc and always has been lol

even funnier, he retired and guess whom his financial adviser is ?

so if a totally financially bug'gered parent can teach his child fundamentals ( thats not to say i have never slipped up over the years ) then you lot should apply the same tactics he did to your kids.......

Angel99

I got 2 credit cards (One Visa and one Mastercard) as soon as I turned 18, didn't do me any harm.
I was an adult and fully aware of how they worked, interest rates etc and most importantly that you do have to pay the money (you borrowed) back to them.
I do realise that not all 18 year olds are the same but better to let him open his post himself and talk to him about it.

moonrakerz

smogzy wrote: »

These cards have just a couple of uses...one is for credit repair if you have a bad credit record

True - but only if another card has already sucked you into unsustainable debt !

Mark7799

Just wondering at what point the OP would consider their son able enough to manage their own financial affairs?

bengal-stripe

advent1122 wrote: »

These companies are now encouraging our youth to begin a lifetime of debt and I think this direct marketing should be stopped.

A card itself does not get anybody into debt, reckless and irresponsible spending does that. Just as having a drink, does not lead straight to alcoholism. There are numerous temptations that will enter your son’s life, how do you ‘protect’ him from those. Every time he visit’s a pub, are you going to sit next to him to make sure he does not drink too much or uses a car while over the limit?

You should be able to trust your son. If your son has reached the age of eighteen and you cannot trust him to behave like a responsible adult, then you have done a bad job raising him.