There is one subject that is of prime importance that often does not get discussed, the credit card use of teenagers. If we were to look the statistics what would they reveal? They would show that the statistics are similar to the adult population.. Statistics indicate that teenagers in the United States have significant 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 educated them.. We cannot blame them for acquiring the same behavior they see us model. Added to this dilemma is the problem they face when trying to attend college and having to pile on an enormous amount of debt in order to be able to do so.
When they reach young adulthood, these teenagers will already have a big obstacle. They will be saddled with a large amount of debt that can only get worse and face the same future of having to battle to make the monthly payment. This is the inheritance we leave our children. One in which we did not educate them on the danger of excessive debt and they fall into the same trap. It could be easy to sidestep responsibility and say its the society we live in.. It not a matter of trying to find blame, but teach them to live life debtfree. If we instead model the behavior of debt elimination and become debt free. Maybe they will copy our behavior. We can teach them sound financial principles just as easily as teaching them destructive ones.
The new credit card bill that goes into effect in August of this year restrict the issuance of credit cards, unless those 21 years or younger can show financial responsibility or are co-signed by an adult. This will help to reduce credit card companies targeting teenagers.
In the end it still up to the parents to instill the principles of fragility and living within ones means that will make a profound change. Education is key and we cannot let our children ruin their lives and become slaves to debt. The way to start is to begin debt reduction of our own.
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