Kwedit: Kwedit Direct & Kwedit Promise - Kewl or Kwazy?

Teens (kids aged 13 and up) sign up with Kwedit by going to the Kwedit.com website and entering their name, an email address and password. That's it. Signing up is an automatic indication that you agree to the terms of service of Kwedit; an eight page, 3,856 word document. An average person with a 12th grade education should be able to understand and comprehend the gist of it. Kwedit's privacy policy is a smaller, seven page, 2,736 word document; which kids would undoubtedly ask their parents for help reading it, understanding it and explaining it to them. Parents that don't understand it will probably tell their kids at that point, to forget it, they're not doing it. Which won't keep the kids from participating with Kwedit.

After signing in to Kwedit, kids can purchase digital games and virtual merchandise with the promise to pay for it later. Payments are not virtual, they're real cash to be paid at a local store that has agreed to participate with Kwedit, Inc., by mailing cash, or by asking someone else to pay for them, usually a friend or parent. The later form of payment is referred to as 'Pass the Duck'. Pass the Duck accepts almost any form of payment including credit and debit cards.

The Kwedit Promise states that it provides a safe, learning environment for kids in regards to credit and financial literacy with an easy, secure system that never charges interest or other fees for services or products.

While my first opinion of Kwedit and its Kwedit Direct and Kwedit Promise applications, was that it was pure kwazy, I'm still not sold that Kwedit is a good thing. I believe it's a good concept and there will be kids that it will work quite well with. On the other hand, I think it leaves the door wide open, so to speak, for kids to choose to participate without regard or intent to fulfill their promise. Other teens may elect to find other means to attain money to pay their promises; some in fear that asking mom or dad will make them mad.

Check it out Kwedit.com and see whether you think it's kewl or just plain kwazy. Share your comments letting us know if you think Kwedit is a good way for kids to learn about credit and become financially literate.