A teenage girl is deep in debt after an unnecessary and wasteful shopping spree with her closest companion: the credit card. Her parents become furious when she asks if they could pay the bill just one more time. She is devastated. Although this particular story is fictional, there are countless similar stories that are not. These situations pose a question: Should teenagers have access to credit cards at all? Was Thomas Fuller telling the truth when he said, “Debt is the worst poverty,” or is a little debt here and there acceptable? Unfortunately, many teenagers would not be satisfied with only a little debt here and there. A large percentage of teenagers (adults are equally as guilty, but for this paper, we are talking about teens) is unbelievably irresponsible. Once they start going into debt, it can be difficult to keep them from diving right in and going all out. The habit of spending …show more content…
more money than one has is exceedingly dangerous, and can lead to regret and sorrow. When did you first learn the value of money? Was it when you had to mow what seemed to be miles and miles of grass in order to earn enough cash to go to camp? Or was it when you finally had enough to buy that cute necklace after completing millions of chores? I remember the first time I made a nerve-wracking decision, and spent twenty whole dollars to buy two baby dolls that were supposedly Dora’s little siblings. Learning to value money is crucial to living a successful life, and teens with credit cards generally have a harder time learning that lesson. In the past, people actually had to have money before making a purchase, but now, credit cards have opened up the door to reckless spending of money that doesn’t exist. Sadly, the habit of going into debt is a hard one to break, so if such a habit is formed in one’s early years, it can be costly, literally, in their later life. There is no better way to learn to value money than to be forced to work for it. Another disastrous side-effect of excessive credit card usage can be the strain placed on relationships.
In the story at the beginning, the debt that a young girl created caused strife between her and her parents. That new iPhone, video game, or those clothes are not worth the resulting tension placed on one’s relationships with their family, and sometimes even with their friends. It is truly devastating to think of a broken relationship, especially when debt is the instigator. Our teenage girl is now an adult, and she still fails to spend her money wisely. She is head over heels in debt, and all the items she purchased have not granted her any happiness. Learning to make money and to spend it wisely, are valuable life lessons, and credit cards are notorious for hindering that learning process. However, credit cards themselves are not completely evil! It all depends on how one uses them. In the end, I will leave you with a rule of thumb for money spending, stated plainly by Thomas Jefferson: “Never spend your money before you have earned
it.”
There is a slight glimmer of hope when the school year ends and the girls all receive their report cards. They stand eagerly in the hallway, none of them can break their gaze at the slips of paper in their teacher’s hands. Pashtana finishes 15th in her class and in this moment looks forward to a new year in the 8th grade. Unfortunately, Pashtana and her family were living off of $7 a week, a dollar to spend a day. She soon got married to her cousin and has not been back to school since their last day.
Rose Mary is a selfish woman and decides not to go to school some mornings because she does not feel up to it. Jeannette takes the initiative in making sure that her mother is prepared for school each morning because she knows how much her family needs money. Even though Rose Mary starts to go to school every day, she does not do her job properly and thus the family suffers financially again. When Maureen’s birthday approaches, Jeannette takes it upon herself to find a gift for her because she does not think their parents will be able to provide her with one. Jeannette says, “at times I felt like I was failing Maureen, like I wasn’t keeping my promise that I’d protect her - the promise I’d made to her when I held her on the way home from the hospital after she’d been born. I couldn’t get her what she needed most- hot
Etzioni explains that working jobs doesn’t teach teens good money habits. First of all, I don’t believe it is McDonald’s job to teach kids how to use their money. One of the biggest advantages to having money at that age is that they can completely mess up and it won’t affect them in a dangerous way. Having money to spend can teach kids to spend their money wisely. The first several times they see something they want they will buy and find out later when it goes on sale that they messed up. Also teens try to borrow money all the time to get what they want quick. Often times they will end up in debt, but lucky for them they’re young enough that their parents can bail them out. If they don’t have the chance to make these mistakes before they move away, the consequences could be much more
Most kids that have graduated high school have never been educated on the subject of personal finance, so they don’t know things like how to pay bills, or even how to do something as simple as applying for a job. According to a family friend of mine, Ron Hart; who happens to also be an award-wining author and TV/radio commentator, believes that students in high school don’t learn anything about how to get a job or get prepared financially. He states that, “ Students should prepare for a job. Maybe, instead of taking a fifth field trip to the Trail of Tears site, do one to learn about real jobs in an area they might want.” Hart believes that most basic high schools aren’t teaching students how to become financially stable for their future, which can cause major issues. He claims that “few schools teach about the value of hard work, ingenuity, gumption and entrepreneurship. Those lessons are as rare as Donald Trump bumper stickers in the faculty parking lot.” Hart also goes on to talk about how high school does not prepare you for life the same way college will. There are so many more lessons to learn there that people are missing out on. College is very important due to the fact that it will teach students more skills about finance and job seeking that most high schools don’t. In college, kids will learn how to save and budget their money, pay for their own expenses, and prioritize their needs verses their wants. Learning financial responsibility is also something that kids will carry with them throughout their jobs and their life. Having more freedom to understand the concepts of person finance will allow students to make mature decisions while easing their way into real world
Many people would agree that our country’s young adults have and continue to incur a lifetime of debt by enrolling in college. It’s become an almost acceptable understanding that if you plan to attend college, you might as well expect to graduate with an enormous amount of debt. Robin Wilson, a reporter for the “Chronicle of Higher Education,” and author of “A Lifetime of Student Debt? Not Likely” suggests student loans are very real and can be life altering.
Credit card debt is one of this nation’s leading internal problems. When credit was first introduced, and up until around the late 1970’s, the standards for getting a credit card were very high. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national credit card debt for families residing in the United States alone is in the trillions (Maxed Out). The average American family has around $9,000 in debt, and pays around $1,3000 a year on interest payments (Maxed Out). Many people have the concern today that these interest rates and fees are skyrocketing; and many do not understand why. Most of these people have to try to avoid harassing collecting agents from different agencies, which takes an emotional and psychological toll on them. While a lot of the newly recognized “risky” people (those with a doubted ability to make sufficient payments) are actually older people who have been customers of certain companies for decades, the credit card companies are actually consciously targeting a different, much more vulnerable group of people: college students. James Scurlock produced a documentary called Maxed Out on this growing problem, in which Senator Jack Reed of (Democrat) of Rhode Island emphasizes the targeting of college students in the Consumer Credit Hearings of 2005
parents a guideline for avoiding student- debt trap. Mark Kantrowitz states that “ the total
...and I would venture to say that it is a small percentage of students who suffer problems of alcoholism and alcohol abuse later in life. I believe that this particular age group is prone to rebellion and experimentation. Some propose that lowering the legal drinking age to eighteen once again would remedy the situation. However, I believe that carefree behavior and to a certain extent, irresponsibility are inherent to this particular age group, and is merely a part of human maturation.
To counteract this massive loss of profit and potential, the reasons behind dropping out must be addressed. One of the main reasons teenagers are forced to drop out of high school is to counteract family costs. Family costs include regular bills such as mortgages, rent, car insurance, car payments, gas, grocery bills, and utilities. Family costs also include unscheduled expenses such as medical bills, school field trips, and holiday celebrations. Teenagers must s...
Instant gratification or easy access to almost everything is necessary, to have the right clothes and the right shoes, but usually they have no money to buy it with. This is where credit cards come into play, and where many individuals see credit cards as free money. They assume that they can buy it now, and of course, pay it later assuring themselves and their family that they will have the money. This comes down to responsibility; can college students handle budgeting their money? According to a study conducted by a Midwestern University shows approximately 66% of college students did in fact own at least one credit card. Some students can handle it and some can’t, it all depends on what priorities that person has. If buying a hamburger or new video game and not thinking about it is more important than paying that purchase off and establishing credit than those priorities are not good. Credit cards are just another factor in growing up. It 's learning what boundaries you have and what responsibilities are
Are they tempting fate by inviting the potential for problems? After all, one unexpected expense, and the credit card user won’t clear his/her balance…and before you know it…credit card debt.
The lack of knowledge plays a big part in the debt young people are getting themselves into. Credit cards are often offered to young adults as soon as they get out of high school. Many take advantage of having a credit card without even thinking about the responsibilities that come with it, instead they think about the things they will be able to buy. In “Generation Debt” the author Tamara Draut says that young people are getting into debt younger than ever before. Two of the reasons that are more costly on young students that hit hard on the budget are car repairs, and travel for students who have families and friends in other states (231). From my experience I know first-hand what it was like to be offered credit cards right out of high school, and I didn’t hesitate to get any of them. I st...
The night of the ball came and Mathilde looked great; everyone admired her. The evening ended and everyone went home. Mathilde decided that she would look at herself in the mirror one last time before getting out of the clothes. When she did, she noticed the necklace that she admired so much was gone. Mathilde and her husband had to borrow thirty-six thousand francs from people they knew to buy another just like it so they could return it to the friend. Mathilde and her husband were deeply in debt. For ten years they worked day in and day out until finally the debt was paid off.
First, let’s consider the economic challenges that young adults face today. Most people would agree that young adults suffer the most with our current economic circumstances. With the rising costs of attending college many young adults ponder not
It took ten years for Mathilde and her husband to pay off the debt of buying a new necklace. Those ten years were not spent with the luxuries she experienced so many years ago at the party, nor were they filled with the simple things she once owned and despised. She came to know “the horrible existence of the needy. She bore her part, however, with sudden heroism.” When passing her rich friend again in the street, she was barely recognizable. Who she was the day she ran into her friend was not who she was the night she wore that necklace.