New Delhi, June 2 -- Managing family finances comes with sacrifice, trust and integrity. Still, when credit is shared, that trust comes with financial responsibility. Add-on credit cards make spending easier for family members; however, they also shift control and risk to a single account holder.

This simply means that if a father has a credit card and applies for an add-on credit card for their family or child, the responsibility for clearing pending dues still lies with the primary credit card account holder, i.e., the father.

This calls for proper due diligence, risk tolerance and an assessment of the repayment potential of the entire family before deciding to proceed with such credit instruments. Keeping this in mind, let us discuss...