Teen Credit Card Debt Results
A credit card has the same influence over everybody, it does not matter who owns it because anybody can be influenced by the power this little piece
of plastic has, power that has pulled to the ground millions of people due to huge debts. Statistics have been conducted on teen credit card holders
and they show the same figures as the statistics on the adult card owners.
Studies showed that teen credit card debt statistics in the United States indicates that a lot of teenagers showed huge amounts of balance on their
credit cards. This is something that should not be happening because teens have limited needs for credit.
Normally, teens can use only cards that are extended from their parents' bank cards. There is a high probability that teens do not fully comprehend yet
the idea of owning a credit card and the risks that are involved. Parents can educate their teen kids about the plastic money and its advantages as well
as disadvantages using as a tool the teen credit card debt statistics.
This is a good chance to help teens understand the flow and the system of credit cards so they can start making the statistics incline towards a
positive aspect. This can be done by proper education. Early on, it is important for teenagers to be educated and taught the basics of how to manage
their finances in general. If they cannot understand the concept and the consequences of card misuse, no improvement in the teen credit card debt
statistics will happen.
Teens need to know that every acquisition they make using a credit card will return at the end of the month under the form of a bill which, unless paid
on time, will increase very fast getting them into a world of trouble and worries. This will help them learn faster that a credit card is not a passport to
free shopping. Eventually, they will understand the real value of money.
An idea of educating the young to handle their finance the right way is to start asking them to do it with their pocket money, before you offer them a
credit card. They must have an idea about how to handle money, no matter if it is cash or plastic. The theory does not do the trick all the time, so what
you have to do is let them experience on their own how they feel when they are the masters of their own finances.
Opening a bank account for teens can also be a solution, and by the time they receive their personal debit card, they will have known exactly what do
with it, and will not mess it up.
You can bring your contribution to the improvement of the teen credit card debt statistics by beginning with your own teenage children. Set a low credit
limit on their card and show them how to use it. These slow but certain approaches will make your teenage kid understand the real value and the
importance of discipline and responsibility in managing his/her finances at an early age. Thus, the shocking figures in the teen credit card debt
statistics will considerably decrease.
About the Author
Searching for consolidation of credit card advice? Stuck in credit card debt and not sure how to resolve your credit card debt problem? Credit Card
Consolidation Secrets is a huge resource on credit card debt consolidation and credit card debt consolidation loans.