Last August, The Motley Fool, one of the most entertaining personal finance and investing websites out there, published an article called the 8 Commandments of Credit that I feel every consumer should read. Some of the commandments are common sense, some of them may not apply, but an educated consumer has a duty to read and understand what these rules mean and ensure that they follow them. They address some of the tactic that credit card companies use to try to extract as much money as they can from unsuspecting consumers like you and I. In this series I will elaborate on some of these commandments and give my personal take.

Commandment VIII. Teach your children well.

What a great way to end this series… this is something you should do in every aspect of your life, teach your children responsible credit use so that they won’t make the mistakes you and I probably did in our youth – over spending and living beyond our means. With the direction our society is going in terms of credit (less cash, more credit) it’ll be crucial for our children to know how to use credit cards responsibly.

Source: The Motley Fool