10 of 77

No

Write now Article Tools

Many teenagers these days have credit cards that they wouldn't have been able to get only a few years ago. As recently as ten or fifteen years ago teenagers wouldn't generally have had their own credit cards, but these days it is very easy for them to get one. What a lot of them don't have however is the financial knowledge and experience to know how to use a credit card responsibly.

The basic fact is that most of the time there is no real reason for teens to have credit cards. They can only really cause trouble, and many teens aren't mature enough to use them without running up debts that can hang over them for a long time. Sometimes even getting them in trouble with the law, which can severely restrict them in the future.

Teens over the age of 16 can in most countries get a debit and or cash card, which lets them draw out money and pay for things in stores without being overdrawn on their accounts. furthermore this type of card usually has the option for the parents to restrict usage as well as more easily monitor the teens spending.

I remember when i was 18 i was offered a platinum card by a certain bank that i wont name here. Platinum cards are basically credit cards that have a very high limit on them, meaning you can easily spend $50,000 sometimes before you have to pay any back. They used to be used by either the very rich or businessmen that could afford them. these days however they are available to anyone who wants one, whether you have a hope of paying one back or not.

There shouldn't be any reason why a teenager would need a credit card to pay for something that they couldn't talk to their parents about, or use their debit card or cash to pay for. More and more young people are in serious debt these days, and not just to do with college either. A lot of them are just spending without any restraint and don't seem to realize what he end effects will be.

Luckily i was intelligent enough to turn it down flat, but a lot of teenagers aren't and they fall into the trap of being in debt. Many of them will then be in debt for the rest of their lives after this because they will repeatedly fall into the traps of things such as deb busting loans. These supposedly pay off all of your debts and make them all into one payment, which you then spend many years paying off at massive interest.

For example a friend of mine managed to get himself into debts of around $30,000 by the time he was 20. He is not 25 and is down to about $20,000, and is constantly being pressurized

• 1
• 2
• next page >>

Add your voice

Know something about Should teens have credit cards??
We want to hear your view. Write now!