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Do you talk to your children about money and debt? Many parents never do. In fact, according to one survey, fewer than 40 percent of parents talk to their children about debt, credit cards, bills and money. Some parents might have good intentions, but many just don't get around to teaching their children about money, or don't know how to approach the subject. Others think kids don't need to know about their parents' finances.

If you are paying your bills late, spending on unnecessary purchases or excessively using your credit card, you may be teaching bad habits to your children. It's important to avoid such mistakes so you can teach good financial habits to your children.