Debt and Debt Relief

There is one subject that is of prime importance that often does not get discussed, the credit card use of teenagers. So what do the credit card statistics for teenagers reveal? They paint the same picture as to any other group you look at. To no surprise they show that teenagers have accumulated significant credit card debt. As an age group they are following the same footsteps as their parents. These are the same habits that have put so many in our society in excessive and unmanageable debt.

This could be the example we have set or the way we have educated them.. They are simply mimicking our behavior so we cannot fault them Added to this dilemma is the problem they face when trying to attend college and having to pile on an enormous amount of debt in order to be able to do so.

So when these teenagers reach young adulthood they start life with a great disadvantage. They will be saddled with a large amount of debt that can only get worse and face the same future of having to battle to make the monthly payment. This is the inheritance we leave our children. We did not teach them or warn them on the dangers of becoming slaves to debt. It could be easy to sidestep responsibility and say its the society we live in.. It not a matter of trying to find blame, but teach them to live life debtfree. If we lead by example instead and become debtfree. Maybe they will copy our behavior. Its is possible to teach them sound financial principles instead of becoming a slave to debt.

The new credit card bill that goes into effect in August of this year restrict the issuance of credit cards, unless those 21 years or younger can show financial responsibility or are co-signed by an adult. This will help to reduce credit card companies targeting teenagers.

In the end it still up to the parents to instill the principles of fragility and living within ones means that will make a profound change. Education is key and we cannot let our children ruin their lives and become slaves to debt. The way to start is to begin debt reduction of our own.

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