Teen Credit Card Debt

Teen credit card debt has become a widespread problem in the United States today. It seems like anyone can get a hold of a card, teens included. Debts among teens have been on the rise for years. With college costs, cars and other necessities needed to eventually start a career, teens may not be able to automatically start paying back balances owed. This could create major problems for a young person when they want to buy a home or car in the future. An adult shouldn't have to continue to pay for the mistakes of their youth. "Flee also youthful lusts: but follow righteousness, faith, charity, peace, with them that call on the Lord out of a pure heart" (2 Timothy 2:22).

One can speculate why overdue balances among young people have become so prevalent. The cost of clothing and entertainment alone are so high that many hardworking, full-time employed find them hard to afford. Charging it to a card is an easy way to get desired goods without having to have money upfront. This mindset easily leads to large amounts of teen credit card debt . Financial burdens, with or without the help of parents, can be eliminated. Just like any other kinds of debts, teen credit card debts are serious and can leave a black mark for the future. With the help of debt reduction organizations, however, due balances can be lessened or eliminated.

A trap that may promote young people's spending on credit is one of low income, as most young people are students. Through banks or other sources, teen credit card debt could keep mounting because the young person is strategically paying one balance off with another. The first step in preventing this bad habit is to consolidate and turn all teen credit card debts into one low monthly payment. By combining them, the teen does not have the option to pay one with the other. Consolidation with an agency can lower the monthly payment 40-70%, making payments attainable, even for a student.

Young people spending on credit could lead to a life of unfortunate circumstances because of mistakes in adolescence or to a wealth of knowledge about money learned early, albeit the hard way. The best way to settle teen credit card debt is to have the teenager sit down with parents and fill out an application for consolidation together. This way, both the parents and young person are actively involved. As hard as this act may be for both parties, it is for the best. Many parents would agree that they, themselves, had a struggle with money when they began dealing with it and today's young people spending on credit is no different. Helping a young person out of teen credit card debts instead of punishment is better in the long run for the teen. In many cases, the teen already feels guilty enough because he or she was not aware of the extreme consequences or circumstances of mounting balances.

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