They did worse than three years ago, when 57 percent was the average score. Duguay blames the decline on the lack of personal finance teaching in schools. She says parents have to get involved if they are going to allow their children to use credit cards. It takes supervision. If a parent has a cosigned card, they need to sit down with them and show them what interest rates are.
Credit cards can be a useful thing as long as they're monitored.
They can be an opportunity to learn before going into the adult world. The inserts explain subjects such as introductory rates, understanding the card statement, how compounding interest works and managing finances. Other issuers seem to be watching and waiting before they jump into the teen segment. That's not to say we won't do something in the future. We need to make sure there is an educational component with that as well.