Teenagers and their Credit Cards

Credit cards have become increasingly popular world-wide, making it easier to buy now and pay later but are they actually helping or hindering someone’s credit? “Maxed Out” by James D. Scurlock demonstrates how credit cards can hurt someone’s credit, while “Why Won’t Anyone give Me a Credit Card” by Kevin O’Donnell demonstrates how someone may have financial stability to pay off a credit card, but still be consistently denied one by the credit card companies. Owning credit cards is not the problem; the problem is being irresponsible with it.

Credit cards can ruin any financial situation if used improperly. Let’s look at what our two financial authorities think about them. Dave Ramsey is completely against the idea of using credit cards. Being a devout Christian, he often finds his ways of financial teaching through The Bible. Proverbs 22:7 states “The rich rule over the poor, and the borrower is slave to the lender.” You are charged a premium for using a credit card in the form of interest. While you can pay off credit before the interest is charged, Dave insists that many people do not pay if off in time. It is better to get rid of the enticement altogether than to play with the idea of using a

In “Strapped,” author Tamara Draut explains why today’s young adults have trouble getting financially ahead. Along with student- loan debt, today’s college graduates also leave with a higher risk of credit card debt than previous generations. Draut argues that college campuses aren’t regulating the card companies on campuses, therefore not protecting their students. She reasons that a problem on college campuses across the nation, credit card debt, has spun out of control by credit card pushers leading students into debt and feeling financially held back.

Throughout the extract, “Strapped,” author Tamara Draut notes why today’s young adults have complications getting financially ahead. Along with student-loan debt, today’s college students may also leave with the burden of credit card debt. Draut argues that college campuses aren’t sufficiently regulating card companies on campus, therefore putting their students at risk for debt.

Society knows that they are not fully developed and will therefore make mistakes, so there are certain policies that protect them from the ramifications of their actions. A teenager needs the permission of their parent or adult guardian to get a credit card. Credit cards belonging to a minor are usually linked to a parent's account. As much as this seems a measure to protect teenagers, it is also to protect the credit card companies. When a reckless teen can't pay their bill, the parent ends up with the charges! In fact, last Christmas, my friend went a little overboard with buying presents for everyone. She ended up spending seven hundred dollars on "her" credit card. Obviously, at the age of fourteen, she did not have a job or any way to pay for all of the gifts. Her parents were stuck with the bill, and the credit card went into the shredder

Young adults usually do not have much money, so they often need to take out loans for the various things they need. For example, many teens are considering college after they graduate, and they need to take out student loans to pay for it. They may also be thinking about buying a car around this age, and they may need to take out a loan to help pay for it. The point is, these young people need money, and it is the credit unions responsibility to provide loans with the best deals that are possible. The credit union should also serve its members by offering a wide variety of credit/debit cards, and different options of checking and savings accounts. These are the financial tools that young adults need to manage their everyday expenses, and

The History is so great that no one full class could even come close to teaching everything there is. These Article give us insight on the less general historic issue and instead focuses on more specific issues. The nuisances can be just as important if not more important to learn. As George Santayana Said “Those who cannot remember the past are condemned to repeat It.”, and this is true for all facts not just the “important” facts like which emperor and when. History like Roman Sanitation, The Black Death, the History of Athens commerce, and Alexander the Greats Tomb are important factor to learn about, and become a better civilization.

Credit card debt is one of this nation’s leading internal problems, and it has been for around the last 3-4 decades. When credit was first introduced, and up until around the late 1970’s up to today, the standards for getting a credit card were very high; so not everybody could get one. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national credit card debt for families residing in the United States alone is in the trillions (Maxed Out). The average American family has around $9,000 in debt, and pays

Rosie the Riveter was a female icon created in a time of global war during the 1940s; she symbolized women who built ships and planes, and produced munitions (Ellis 478). She was created to be a reminder to everyone to try new things, test limits, and believe in each other. (Mather-Thrift). She also represents any woman defense worker (Harvey). The women influenced by her became ambulance drivers, delivered airplanes, and decoded messages (Ellis 478).

Credit cards are one of the many factors that contribute to student debt. A larger proportion of college students rely on credit cards for paying direct academic expenses. ''This includes textbooks, school supplies, and tuition" (Min Zhan 134). Credit cards appear to be a great investment in college, but they are also problematic. Credit cards are related to higher levels of student drop outs from college. Student indebtedness are necessary given the rapid increase needed to meet the financial needs of higher education.

First, we must blame ourselves for letting this debt build up. It’s so easy to just say “charge it” and deal with the money later. It’s so much more convenient to use a credit card then using our cash. In the April 2005 issue of University Wire, Dr. James Roberts conducted a study about the spending habits of students around the country. He found that students who used credit cards to pay for their books weren’t able to tell within $30, $40, or even $50 dollars of how much they spent compared to the students who used cash and were able to tell within a few dollars how much they

In the world of personal finances, credit cards play an important roles in lives of many people. Sometimes, it's out of choice while other times it happens out of necessity. Regardless of why it happens, the numbers surrounding credit card debt are worthy of scrutiny in order to determine whether having or using credit cards is a sound financial decision.

Whilst a critical part of consumer spending, credit card companies are constantly accused of malicious legal contracts and schemes to increase profits. Without heavy regulation, these companies have the power to bankrupt millions of Americans that rely on credit cards in their daily lives. However, after the introduction of The Credit Card Act of 2009, these accusations represent an inability to accept responsibility for financial blunders on the consumer’s behalf. Due largely in part to the government’s strict regulations, credit card companies should not be at fault for the student credit card debt crisis. Credit card companies remain blameless for student credit card debt as a result of

Students do not have the education needed to use credit cards responsibly. Nellie Mae (August 2007) states

Since credit cards have become easily accessible on campuses, students can find themselves in financial distress very quickly. The conflict with credit card use is that it has created a distinct way to generate instant gratification among consumers, specifically young borrowers. Due to this point, students have become an easy target for credit card offers. With heavy solicitation from financial institutions and retailers, students are given quick access to funds with little education of how interest accrues, fees associated with cards, and the lasting effects on their overall credit. Since solicitation is used on college