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5 crucial lessons teens need to be taught about credit

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first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Sean WilliamsWhether we want to admit it or not, teens are playing an increasingly important role in the U.S. economy. According to PBS, teens are expected to spend up to $155 billion in 2014, a 55% increase from the $100 billion they spent in 2009. Retailers are certainly doing what they can to reach this free-spending group of consumers, but so are credit card companies.Teens and credit cards: a dangerous comboAs I recall my first year of college following my 18th birthday, I received no less than two credit card offers a week for months on end. Credit card companies understand that credit is a practical necessity these days for teens because the probability of walking up to a homeowner and buying a home with $300,000 in cash is pretty slim. Without credit large purchases could be difficult, if not impossible, to attain, while landing a job or renting a home or apartment could be tough since your credit history can factor into the decision-making process.However, the fact remains that teens are pretty naive when it comes to credit cards. A 2011 survey from Charles Schwab noted that while more than two in five teens already have a credit card (either a student credit card or perhaps one in their parents’ name), just 35% felt confident that they understood how credit cards worked. Furthermore, one in four teens believed a debit card acted as a credit account with the bank rather than a bank card linked to their checking account.Key credit lessons to teach teensThe importance of teaching teens good credit habits simply can’t be overstated. With that in mind, here are the five crucial lessons we should be teaching teens to set them up for success when using credit. continue reading »last_img


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