Kids may be more responsible with credit than people thought.

A study done by the Federal Reserve Bank of Richmond and Arizona State University is challenging the idea that kids don't know how to handle credit or make good financial decisions.

The study's authors says the idea that kids and credit cards are a bad risk is based only on anecdotal evidence.

They found credit card holders under the age of 21 are a lot less likely to have a serious delinquency or default than those who get a card when they're older.

Also, people who get a card in their teenage years are more likely to get a mortgage while they're young. 

- Rob Archer