Teenager in an extreme credit card debt Essay Example | Topics and Well Written Essays - 500 words

Teenager in an uttermost(a) credit card debt - Essay ExampleOne of the secretes is teenagers and the credit card debt. Credit card debt has been an issue especially on campuses. It is said that most of the students have competence in handling these card game. However, it has been found that many of the students get into debt. The causes of these debts among teenagers have been shown to be a belief about future earnings, debts attitudes and financial knowledge (Jill and Phillip 1). near of the teenagers lack proper financial training. Likewise, those with necessary financial training are not willing to trade their behavior. As a result, it has been a big problem with most of the teenagers becoming consumers debtor.Most of the teenagers using these cards lack the necessary information. This is because most teens fail to realize the reality of excessive interest rates and fees on these cards. Majority of the students arrive in schools with cards. Most of the teenagers underscore th e time it will take to repay the property with interest (Jill and Phillip 1).The other issue is the reason behind increasing number of teenagers with the cards. The companies make teens their target finished promotion. These promotions are meant to lure teenagers to get cards. One of the promotion strategy adopted by the companies is through openhanded of incentives. Such incentives include giving t-shirts or mugs (Jill and Phillip 1). In addition, the companies remove some(prenominal) of the requirements of getting cards. For example, some companies lay off the information requires on the previous cardholder. Some other companies even offer food items. As a result, most of the teenagers are lured into getting these cards without knowing the consequences.Promotion of cards has also been taken in schools. This has occurred as some of the schools accept these cards as a way of paying tuition. In some institutions, students groups sponsor the card companies. In the end, the group retains some amount for each application the