Ten years ago, I was just out of high school and received my first credit card. I had not been taught ANYTHING about finances growing up and certainly not about credit cards.

I had a little $300 credit limit on my card and proceeded to purchase $280 of Mary Kay makeup at a friend's Mary Kay party. The minimum payment that showed up on my next statement baffled me. I thought it must be optional and didn't pay it. I went along in a naive trance like that for quite some time with that credit card.

I ended up settling that account a few years later for well over $1,000! I didn't need the makeup that badly! Now I have the opportunity to teach my kids all about finances and what NOT to do!

People who read this also checked out:

• Dave's resources for kids & teens
• The Truth About Teens & Credit Cards
• We Did It