Is my child ready for a credit card?

As we head into holiday shopping season, you may notice that some of your favorite toys have a new plastic version — Credit and debit cards. The classic Monopoly game now comes with a debit card instead of all those little bills. Barbie has her own credit card in an electronic purse. There's even a Hello Kitty debit card!

But are these new-and-improved versions going to help you raise money savvy kids — or just the opposite? ‘Money’ magazine's Jean Chatzky and TODAY's Financial Editor has tips on how to deal with these plastic problems and helping your kids manage money.

We are already worried that we're raising a generation of children that don't know how to handle money. They don't seem to understand that financial resources are limited, so they spend more than they have and then look to mom and dad for a bail out. Part of the problem I believe is that they were raised in an era when money was largely invisible.

When I grew up, my parents took their paychecks to the bank and withdrew cash from a teller, which they used for purchases. Bills were paid from the kitchen table.

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