It can be hard for young people to build credit, but some parents seem to think they have it figured out. They often start by adding their teenager as an authorized user on their credit card. That can help children practice healthy credit habits when they're young. That way, they take on the risk — and reward — that comes with being responsible for the bill. However, in this case, you may be responsible for their debt if your child cannot pay it back.

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Persons: what's, Erik Beguin, Cash, Beguin, Derek Miser Organizations: Austin Capital Bank, Consumer Financial Protection, Bank Advisory, Finance, Beguin, Miser Wealth Partners Locations: Knoxville , Tennessee