Teen Credit Card Debt Statistics
What do the teen credit card debt statistics tell?
Well, you don’t really need to look into the teen credit card debt statistics to tell what’s
going on. The teen credit card debt statistics would probably look very similar to any other. I think I read
somewhere about teen credit card debt statistics and those teen credit card debt statistics indicated that a lot of
teens in US had a significant amount of balance on their credit cards; something which they shouldn’t have
(considering their limited needs for credit). Though these teen credit card debt statistics would give you a fair
idea of how our teens are faring in the world of credit cards it’s really not so important to talk about teen
credit card debt statistics as it is to talk about the ways of bettering the teen credit card debt statistics (I
mean bettering the teen credit card debt statistics in a positive way).
So how do you better teen credit card debt statistics?
Well, the bettering of teen credit card debt statistics would, as you must have guessed, start with education.
This education has to start early in the life of the teens. Here we are not talking about just credit cards related
education but the education about managing their finances in general. Teen credit card debt statistics cannot be
improved without explaining the actual value of money to the teens (and also teaching them how to use it). So, for
bettering teen credit card debt statistics, we need to give them an all round education on managing money and
finances. This can start with asking them to maintain a record of their pocket money and how they spend them. Also,
engage them into education related to money management (of course, you have to customize the discussion to suit
their level of knowledge and maturity). The next step would be to open a bank account for them and teach them the
various aspects of managing it. Teach them what debt it and when it is considered bad. Debit card could be the next
step for them. Once they start becoming comfortable with doing their bank transactions by themselves, you can get a
prepaid credit card for them (something that has a preset limit of $200-250). You could also use a low limit credit
card (with $250 credit limit) and teach them how to use it.
Thus you can follow a step-by-step approach to ensure that your teens learn the best practices (and hence you
can keep them out of those horrifying teen credit card debt statistics, thereby contributing to
bettering the teen credit card debt
Credit in Minutes Tip #1
Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report
every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them
with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets
Credit in Minutes Tip
Just because you qualify for all of those credit cards does not mean you should get them. A person with too many
credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially
stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?
Credit in Minutes Tip
The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be
true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time
will keep your score up where it should be.