I look my doctors advice! Now our constipation monies are over! We asked thousands of doctors, **©o you «ver recommend Milk of Magnesia?" Theoverwhelming majority replied: Ifes!" You see. Phillips' Milk of Magnesia is both a gentle laxative and a soothing antacid. It not only relieves constipation thoroughly and comfortably; it also relieves accom-, panying acid indigestion. No single- purpose laxative can offer you such complete yet comfortable relief. Ask your doctor! *£GUL*R OR 4MINTCLAVORED CASTER LOOSE? FIX IT QUICK* Nothing adheres to metal and wood like Plastic Wood! Casy to use. Ask for it by name! PLASTIC WOOD Should Your Teen-Ager Have a Charge Account? Since he will live in o credit economy, why not teach him Its benefits and its pitfalls now? By WILLIAM J. CHEYNEY Vice President, National Foundation for Consumer Credit 4 CCORDING TO a surve}', two out of every five JLJL girls 13 to 19, and a greater number of boys, earn more than $10 a week. Augmented by parental allowances, these earnings give the modern teen-ager a spending power that runs into the millions. Suppose your teen-ager has a part-time job and wants to open his own charge account. Should you allow him to or not? If you urge him to pay cash for his purchases, will he be adequately prepared for the day when, as an adult, he will want to use credit as an economic tool 4 .' Frankly, I am in favor of charge accounts for the teenager who is educated in the wise use of credit either in school or at home or both. Today, under the sponsorship of our Foundation, more than 1,700 school systems give instruction on the hows and whys of credit. They teach such subjects as "Creating a Budget and Measuring Its Results." "The Credit Account," "The Emergency Problem and What to Do About It," and "Establishing Good Credit." But if your teen-ager has not been given such instruction, what then? Actually, parents can do more than provide teaching materials—they can set a good example through the way they pay their own bills. And they can tell their youngsters: "If you open an account, don't expect me to come to your aid if you overextend yourself. A charge account must be your affair entirely, and I expect you to use it in a responsible way." It is because we want parents to give this kind of counsel that I am in favor of teen-age charge accounts—but only if parents are informed when their youngsters make application for credit. Most stores that offer accounts to 3'oungsters do require parental consent, but not because parents can be held liable if the teen-ager defaults. Under the law of many states, they are not liable. But the stores and the Foundation have found that if parents know that Jimmy or Mary is taking this big step forward in money management, they will exert their parental influence to see that the youngster does it wisely. A teen-age charge account may have a specified limit, say from $15 to $30 a month. Or it may be a revolving charge account with a limit set, but on which your teenager pays a minimum of say $5 a month plus I 1 /-* percent interest as a carrying charge. Many stores waive the carrying charges entirely to create good will and because they look upon this teen planning for what it is—an education for the future. To open an account, a teen-ager must be interviewed, usually by the credit manager or one of his assistants, who will want to know how much the teen-ager earns, how- much he is given as an allowance, how much he spends, and possibly where his parents work and how long they have lived at the same address. Along with the questions will come some sound advice on the importance of a first charge account and the building of a good credit rating by prompt payments. When the account is opened, your teen-ager is given some form of identification—either a card or a charge plate to be presented for each purchase. I N THE majority of cases, charge accounts give teen-agers a feeling of maturity and responsibility. Nancy, who used to splurge with Mother's charge plate, suddenly begins to squeeze a nickel till it hurts. Things are different now that she has to meet her own bills from her own income. She'll think twice about the necessity of buying that new record album or that pretty blouse, and she'll scare up some extra baby-sitting jobs to help pay for them if she decides she must have them. It is the experience of most stores with teen plans that in handling their own accounts youngsters develop a selectivity in buying, gain a new awareness of what things cost, and, above all, learn to live within their means. If, before he is out of his teens, your youngster learns how to get value for his money and to think twice before saying "Charge_it," his charge account is doing much more than serving the economy. It is an educational tool which can make him a more mature and responsible adult. COVER: Some take to the sea in ships, but not this couple. They'll explore its wonders in scuba-diving outfits. Photo by Dennis Hallinan. August 19,1962 Published Biweekly During the Summer LEONARD t. OAVIDOW President and Publisher WAITER C. OtEYFUS Vice President PATtICK E. OtOMHCE Advertising Director MORTON MANX Director of Publisher Relation* Send all advertising communications to Family Weekly. 153 N. Michigan Ave., Chicago 1, III. Address ad communications about editorial features to family Weekly. 60 E. 56th St.. New York 22, N. Y. © INt, FAMILY WEEKLY MAGAZINE, INC., 153 N. Michigan Board of Editors ERNEST V. HEYN Editor-in-Chief •EN KARTMAN Executive Editor ROtERT FITZGIMON Managing Editor MARGARET SELL Feature Editor PHILLIP DYKSTtA Art Dirtctor MELANIE OS PROFT food Editor Rosalyn Abrevaya, Araen Eidell, John Hochmann, Hal London, Jack Ryan; Peer J. Oapenheimer. Hollywood. Ave., Chicago 1, III. All rights reserved.
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