Yes, teens can get... or get access to... credit cards and debit cards. Under most state laws, for example, you must be at least 18 years old (a young adult) to obtain your own credit card and be held responsible for repaying the debt. And if you're under 18, you can qualify for a credit card if a parent co-signs, but only the parent can be held accountable for the payments.

Credit and debit cards can be good ways for teens to pay without carrying cash or checks, and they can help teach kids about how to manage money. But teens—and their parents—need to be especially careful to avoid serious debt problems or a bad credit record at a young age.

First, make financial education a priority, especially the lessons about borrowing responsibly. "Teens need to be aware that a bad credit record can affect their ability to rent an apartment or even find employment after graduation," says Lynne Gottesburen, an FDIC Consumer Affairs Specialist.

First Federal provides this information as a convenience to its customers. It is not intended to be professional advice.  First Federal encourages you to consult with a qualified advisor before making any decisions based on this information.

Source: FDIC Consumer News