Young Adults And The Negative Effects Of Credit Cards

March 23rd, 2009

yougnadultsEver been curious how widespread credit card use is among young adults?  Check these numbers that may leave you shocked:

  • Over 50% of high school seniors have debit cards.  Not bad, right?  After all, debit cards are probably the easiest way for parents to send emergency money to their kids whenever they need it.  In fact, I’m surprised the number isn’t much higher than 50%.  The fun seems to end there, though, as….
  • Over 30% of high school seniors have credit cards.  Yes, that many young and largely financially immature 17 and 18 year olds carry their own credit cards under their own names, many of which aren’t supplementary at all.
  • Over 1/3 of all college kids have at least four credit cards before they graduate.  Considering I didn’t get my first credit card till about three years out of college, it really surprised me.  As long as they can be responsible about it, though, there should be no problem.  However…
  • Over 50% of recent college graduates have accumulated at least $5000 in high-interest credit card balances shortly after leaving school.  That is a serious financial problem right there.  Can you imagine being that neck-deep in debt already, with probably nothing to show for all your spending (considering that most college kids spend their money on restaurants, school supplies and entertainment)?

With those kinds of numbers, it doesn’t come as a surprise that the number of 18 to 24 year old young adults filing for bankruptcy has increased 96% over the last ten years.  Parents, do you know what your children are doing with their credit?

noel Posted in Student Credit Cards

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