subject: Teenagers Are Taught Max Out Their Credit Cards [print this page] Our teenagers credit card debts and debt habits are seldom mentioned. If we were to look the statistics what would they disclose? They would illustrate that the statistics are similar to the adult population. Statistics indicate that teenagers in the United States have considerable balances on their credit cards. As an age group they are following the same footsteps as their parents. It appears that they are acquiring the same behavior that has caused problems for so many.
This could be the example we have set or the way we have taught them.. We cannot fault them for acquiring the same behavior they see us model. Many will be going to college and in order to do so they will need to borrow excessive amounts.
So when these teenagers reach young adulthood they start life with a great disadvantage. They will have already been caught in the debt trap and work just to make the minimum monthly payment. This is the inheritance we leave our children We did not teach them or warn them on the dangers of becoming slaves to debt. The argument could be made that it is not all our blame and that the alluring advertising to buy things lulls us into spending. It not a matter of trying to find blame, but teach them to live life debtfree. If we lead by example instead and become debtfree. Maybe they will copy our behavior. We can teach them sound financial values just as easily as teaching them harmful ones.
There is a new credit card bill that goes into effect this year that will be of some help. It requires does under 21 to show financial responsibility or have an adult guarantor. This is a step in the right direction that will curtail predatory practices of credit card companies to exploit teenagers.
In the end it still up to the parents to encourage the principles of fragility and living within ones means that will make a profound transformation. We should not let our children have to deal with debt problems simply because we did not educate them.
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by: Irma Medina
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