Teens and Their Credit Cards The accessibility of credit cards has left many young people falling into debt. School-aged students and low-wage buyers, generally considered terrible dangers, are easy targets for credit card organizations. Visa agencies should not target school-aged students and low-wage investors due to their lack of financial strength. In 1996, shoppers in their 20s owed an average of $2,400 on their credit cards, almost triple what they owed in 1990, according to a study by Claritas Inc., a Virginia advertising research firm. If monthly payments of $75 were made to pay off $2,400 in debt, it would take 3 1/2 years with a 16 percent card and you would pay $750 in interest (Griffiths et al., 2004). Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay “Without a doubt, young adults are most intensely burdened with Mastercard obligation,” said Stephen Brobeck, official head of the Consumer Federation of America. Many will plunge into obligation. Many teenagers waste little time taking care of their obligations after leaving home. The number of 18- and 19-year-olds with visas in their name is in flux, according to Teenage Research Unlimited. Among American adolescents aged 18 to 20, 41 percent have their own cards, up from 36 percent last year (Griffiths et al., 2004). Most students don't understand the gap they open up in the middle of school, but recognize when credit reports are pulled for job applications or when they attempt to purchase a home or automobile. The problem begins when a high school student receives a charge card with a guardian as a co-endorser. This allows the teen to build a decent record, so that when they graduate and land a job, visa approval will not be a problem. Many young people find themselves overwhelmed and, in the long run, end up with poor credit (Park and Davis 2005). More people than ever in recent history are sending their children to malls and movie theaters with a bit of plastic rather than out of pocket. change. "Advertising to students definitely works, with the same number ending up getting more than five to six Mastercards. Additionally, about a third do not remit all the required funds each month (Park and Davis 2005). specialists do not agree on when and how to familiarize children with visas. Teenagers under 18 can simply get a Mastercard if their guardians co-sign it. Credit card companies are increasingly courting. Younger customers who are very eager to scratch their plastic In the midst of money and credit, teenagers are increasingly fond of using plastic. Credit card organizations are aggressively pursuing teenagers at school. television and in their mailboxes About 11 percent of the adolescent population which numbered 31.3 million in 1999. have their own special payment card, or a co-branded card with their guardians, which is increasing by compared to 8% five years ago. At a Discover card company that went the school green bean, people send their kids to school with a charge card for. just seizures. The young person is faced with a dinner situation; the child uses the payment card. A little later, we see the young man take out the card.