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Improving Teen Credit Card Debt Statistics

Mar 15, 2008
Even though they are young and have not started yet to face the real world, teens are given credit cards so that they can adjust to the system and so that they know what to do in order to keep their finances balanced and not to get into trouble by overusing them. Even if the intention is to prevent credit card debts to be made, teens seem to make debts just like every card holder.

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.

Teens must comprehend how the system of credit card works, its flow, and this can be a great opportunity to get positive results in the statistics. We can obtain successful results by offering the teens a strict education. In this process, it is very important for the teenagers to firstly learn and understand the fundaments of managing their financial funds in general. There will not be seen any improvements in the teen credit card statistics unless teenagers truly understand the notion and the pitfalls of the improper use of the cards.

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.

In order to be trained and educated about handling their finances, teens must be asked to maintain control of their pocket money and record every penny they spend.

One way to do it, is to create a bank account for your teen child and give him/her instructions on the numerous features of taking charge of money in the bank. Firstly, teens must be taught how to make basic transactions, and when they become accustomed with the bank and the way money is managed, you may get them a debit card.

You can set a low credit limit on the card and teach them how to use it. This step by step approach can help your teenager understand the value of money and start to practice discipline in his/her finances at a very early stage. This is one way of working towards decreasing the horrifying figures in the teen credit card debt statistics. You can contribute to the betterment of the statistics by starting with your own teenage kids.
About the Author
Looking for consolidation of credit card advice? Stuck in credit card debt and not sure how to resolve your credit card debt hassles? Credit Card Consolidation Secrets is a massive resource on credit card debt consolidation and credit card debt consolidation loans.
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