How would you feel if your parents had complete control over your money? The teen angsty / rebellious streak in all of us probably wants to scream HECK to the NO! Isn't that why we grow up, so we can be independent and spend our hard-earned cash on movies and nunchucks and flux capacitors?
Well, for some teens, this is real life. BillMyParents is a tool that some parents use to help teach their children how to manage their money. Essentially, it's a pre-paid credit card that the parents control. Parents can monitor their child's spending and the pre-set limit cannot be exceeded, so teens can't go into debt.
The learning capabilities seem realistic -- I didn't have a credit card until I went to college, and having one in high school that my parents had control of would have helped me learn better spending habits early.
What do you guys think? Would you have participated in BillMyParents, or would you have thrown a fit reminiscent of Joan Crawford in Mommie Dearest?