This article from Money Magazine reports on a family that has pulled the credit card plug on their daughter. They had to follow suit in order to make their case convincing. The article raises these issues.
It’s easy to fall into bad habits with regard to how you spend money on your kids. (You know what they say about the best intentions …) The first step to correcting such behaviors is identifying them. Be honest with yourself about whether – and how – you’ve been spoiling your child: Do you frequently give in to your kid’s pleas for cash or stuff? Do you hand out your credit card freely? Think, too, about why you’ve been spoiling your kid (you might start by asking what money values you learned from your parents), and what the consequences might be if you don’t stop.