Teens and Their Credit Cards The accessibility of credit cards has left many young people wallowing in debt. School-age students and low-wage shoppers, normally considered dangerous hazards, are easy targets for credit card organizations. Visa organizations should not target school-age students and low-wage students due to their lack of financial strength. In 1996, about two dozen shoppers owed an average $2,400 on their payment cards, nearly triple what they owed in 1990, according to the survey by Claritas Inc., an advertising research firm in Virginia. In the event that $75 installments are paid month to month to pay off a $2,400 debt, it would take 3 1/2 years at a rate of 16% and you would pay $750 in interest (Griffiths et al. al., 2004) . Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay “Without a doubt young adults are the most burdened by Mastercard obligations,” said Stephen Brobeck, chief officer of the Consumer Federation of America. Numerous will dive into an obligation. Many teenagers spend little time dealing with commitments after leaving home. According to Teenage Research Unlimited, the number of 18- and 19-year-olds with visas in their own names is increasing. Of American adolescents aged 18 to 20, 41% have their own cards, up from 36% last year (Griffiths et al., 2004). Most students don't realize the gap they're making in school, but they recognize it. it is when credit reports are pulled for job applications or when trying to purchase a house or car. The problem begins when a high school student receives a charge card with a guardian as a co-endorser. This allows the teenager to produce a decent record, so that when he or she graduates and gets a position, visa approval is not an issue. Many young people end up being overburdened and ultimately end up with poor credit (Park&Davis 2005). More people than ever lately are sending their kids to malls and movie theaters with some plastic instead of in their pockets. edit. "Advertising to students definitely works, the same number of them end up winning five to six Mastercards. Furthermore, about a third do not raise all the necessary funds each month (Park and Davis 2005). Agree on when and how to do so learn about visas to children. Teenagers under the age of 18 can only get a Mastercard if their guardians sign it together. Credit card organizations are courting more and more young customers who are very eager to wring out their plastic In the middle of money and credit, teenagers progressively love to burn plastic. Payment card organizations are forcefully seeking teenagers at school, on TV and in their letterboxes to have their own particular credit card, or one that is co. -marked with their guardians. This is up from 8% five years earlier. simply crisis. The child is faced with a circumstance for dinner; the child uses the charge card. Some time later, we see the boy take out the card several times to buy extravagant clothes and stereo equipment, only to receive a shocking visit from his frowning parents. Many do not understand how visas work, there is such a problem as hidden fees. If you are not cautious, the Visa organization will charge you one way or another. We have all been harmed by the payment card industry. Regardless of the circumstance, everyone.