Will Our Children Need A Solution To Credit Card Debt Sooner Than We Think?
Our mailboxes are stuffed the advertisements, newspapers
, and, perhaps most of all, credit card offers. Companies are constantly making offers that are too hard to pass up--but today, those companies may have crossed a line. My two youngest, Devyn, 16, and Tyler, 17, received there very own offer for the Southwest Rapid Rewards credit card from Chase in the mail today.Of course the advertisement is hard to resist, with an application attached to the offer letter and a mocked up card to get them excited about the freedom of having their own cards. It made me wonder if Southwest even knows that their name and reputation are being used to target underage children to get them started in the credit trap. What are companies thinking when they target people who can't even legally have a card?
One reason may lay with the effect the new credit card laws are having on profits. Credit card companies must have taken a hit to their profits after new laws requiring clearer statements and less marketing were put forth in 2009. Since marketing to students has been limited, perhaps they are trying to reach them before they even hit a college campus.
The card offers made to my children prompted me to education my children about the dangers of credit cards and how easy it is to find yourself in need of credit card debt help. If this is the direction that the credit industry is taking, it will now be more important than ever to teach our children how to spend responsibly and avoid creating debt. Soon, Tyler and Devyn will be out on their own and without me scanning their mail for the most common credit tricks. My only power lies in the ability to teach them what I know about avoiding credit card debt.
A lot of us are doomed from the start when it comes to the credit industry; It creates an environment where we feel fine about consistently being in debt and continuing to spend money we don't have. If credit card companies are targeting our children directly, it is best to set an example for them. Chapter 7 can be your solution to credit card debt, eliminating your debt and giving you a clean slate with debt. With your own financial situation cleaned up, you can be free to set an example of responsible spending for your children.
Still not sure if bankruptcy is the right move for you?" Look for an attorney who is willing to offer you free articles, blogs, and even publications before you set foot in an office.
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