negative impacts of use of credit cards for youth of today
Date: Wed, 07/20/2005 - 02:19
While surfing through your website I found some very useful things I would like to take the opportunity of appreciating you guys for having made this website. Well I would feel I highly obliged if you kindly publish article on your website on the topic “the credit card culture is taking the youth to the debt at the starting of their career".
Thanking you in anticipation
Yours sincerely
Monish Punjabi
[color=red][size=2][email removed as per forum rules-Mike][/size][/color]
Nowadays, the youths have a very limited understanding of how to
Nowadays, the youths have a very limited understanding of how to manage the money and moreover their spending behavior is resulting in costly financial mistakes. The youth are not updated with the latest financial updates so there is a need to understand their financial behavior and attitudes. Recent studies have shown that the youth is involved largely in the following:
- Extensive usage of credit right from the middle school age youth.
- Lack of responsibility while making money management decisions especially in credit
- The youths have a very limited updates on finance other than that is offered by their parents.
There is an urgent need to update the youth on five critical financial behaviors. They have been categorized under: earning and accessing money, budgeting and spending, saving, banking, and using credit.
It is revealed that the youth is getting an early exposure and experience while they are borrowing money and using credit. Most of them borrow money from their friends or family. Credit cards are used by them which belong to their parents. Further, it kept on increasing when they reached their college. Now, they are susceptible to wide variety of loans available in the market.
There is an immediate need to start a new series of funding initiatives to implement day camps and special interest programs for all the youth. Programs on parents also need to be organized so that they can teach their children the basic money management lessons. It will result in a sound financial future and prepare a better youth.
Hi roxette, thanks for your reply. It is very helpful. qw
Hi roxette,
thanks for your reply.
It is very helpful.
qwer
If I can be of further help to you, do not hesitate in posting i
If I can be of further help to you, do not hesitate in posting it in the forums. :D
Regards
Roxette
We had "money management" classes in my high school. Barely anyo
We had "money management" classes in my high school. Barely anyone took the class, which was sad. I learned how to budget and such, although the class didn't speak of these terrible payday loans! LOL!
As soon as I turned 18, I was offered my first credit card from Chase, with a low apr. Now it is the one credit card I am in debt with. I'm glad I only got one!
Money management and budgeting should be taught at a young age...that, and the internet should be filtered and regulated, IMO!
Schools should be required to teach personal financial managemen
Schools should be required to teach personal financial management. Getting a CC, using one appropriately, getting a checking account, applying for a mortgage. This stuff is essential to know, but unfortunately most people much learn it as you experience it.
Unfortunately vwh is right; debt is definitely a learning experi
Unfortunately vwh is right; debt is definitely a learning experience that sticks with you til the day you die. Everyone goes through it atleast once, even the rich & famous...it's what makes up our beautiful economy :-)
