Best Credit Tips: what about teen credit card debt statistics?
When you look at credit card debt statistics for teenagers, you realize that numbers are pretty high which is really scary. A few thoughts: teenagers don’t need so much credit (they don’t have major expenses as their parents are supposed to cover their expenses…).
To solve that, they are several things to do: education is first. We need to educate teenagers to make a change and make them learn how to manage their finances and money. This would be an introduction to money management but it is necessary to make them feel how to manage money the right way.
Then, we should not give them credit cards but debit cards. If you give debit card, they will have to pay back quickly their debt and they willl have no choice. Right now, using credit card, they feel thay have a free lunch and they can do whatever they want but that’s a BIG MISTAKE!
Finally, we should give them credit card limit. If they have a limit, they would have to control their expenses which is the whole point about managing money wisely.
Good luck with your kids!
No comments yet.