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Teen Credit Card Debt Statistics
Ask most Americans and they'll probably be shocked to hear about teen credit card debt statistics. No longer does the cliche apply of credit cards belonging to poor or middle class folk after college. Nowadays, teens and college students hold credit cards as well. Let's look into more of teen credit card statistics.
For starters, it is estimated that one of three high school seniors use credit cards. These include seniors who have their own names on the card. College student credit card holders account for close to 80% of all college students, with the average student carrying a $3200 balance. Unfortunately, teen credit card debt statistics show that 1 out of every 10 college students have a $8000 or more on their credit cards. This is most likely due to poor spending habits or heavy college expenses sans tuition.
To avoid becoming a casualty of these statistics, its best to equip your high school children with a debit card. In addition to teaching money management, writing checks, reading bank statements, and more - parents should have children throw money into a debit card account balance. Unless there is an overdraft, interest rates are non-existent.
Teen credit card debt statistics can also be helped by giving your child a prepaid credit card. It better allows parents to monitor their child's spending habits through bills and Internet statements. Low-limit credit cards can also help the teen credit card debt statistics bug as well. These can have a limit of $400 or less. It also comes with other restrictions to prevent bad habits.
In an age where teen credit card debt statistics show high school seniors own credit cards, it is important to equip your teen for the future by monitoring his credit card use now. Poor habits and misinformation are the main factors in boosting debt for countless Americans. Don't let your teen become a casualty of that.