The Method Teenagers Are Educated To Manage Debt Can Only Lead To Problems.

Posted on July 25, 2010
Filed Under Debt Management |

Our teenagers credit card debts and debt habit are seldom discussed. So what do the credit card statistics for teenagers reveal? They would show that the statistics are similar to the adult population.. To no surprise they show that teenagers have accumulated significant credit card debt. This tells you that they are acquiring the same habits as their parents when it comes to debt. These are the same habits that have put so many in our society in excessive and unmanageable debt.

This could be the example we have set or the way we have educated them.. They are simply mimicking our behavior so we cannot fault them Added to this dilemma is the problem they face when trying to attend college and having to pile on an enormous amount of debt in order to be able to do so.

When they reach young adulthood, these teenagers will already have a big obstacle. They will have already been caught in the debt trap and work just to make the minimum monthly payment. This is the legacy we leave our children One in which we did not educate them on the danger of excessive debt and they fall into the same trap. It could be easy to sidestep responsibility and say its the society we live in.. It not a matter of trying to find blame, but teach them to live life debtfree. If we lead by example instead and become debtfree. Perhaps they will learn and emulate the same behavior. We can teach them sound financial principles just as easily as teaching them destructive ones.

There is a new credit card bill that goes into effect this year that will be o some help. It requires does under 21 to show financial responsibility or have an adult guarantor. This will help to reduce credit card companies targeting teenagers.

In the end it still up to the parents to instill the principles of fragility and living within ones means that will make a profound change. Education is key and we cannot let our children ruin their lives and become slaves to debt. The way to start is to begin pay off debt of our own.

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