Kids and credit cards

biscuit eater · 01-14-2004, 04:45 PM

I have a son and daughter in their early 20's. When they were in high school credit card companys sent them applications for cards even though they were in school and didn't have jobs. They gave them cards. The limit was only like $200.00 dollars but that was enough to hook them. If you make a few payments on time they raise the limit pretty quick and steady. My son is working and going to school and keeps his finances in order. But my daughter has let this credit card and poor usage all ready ruin her credit. I feel these companys are counting on the parents to kick in and pay the bills if the kids don't. What happened to working and earning the privlege to have credit after youv'e proven yourself worthy. I feel credit cards are only good for emergencys and if you can pay the balance at the end of the month. Other than that they just suck you dry and encourage poor spending habits.[:@]

8x8bull · 01-14-2004, 05:30 PM

yeah i know what you mean i am 19 years old and every day i i go to school there is always some bank representative from wells fargo or B of A and they always try to give us free stuff if we get a credit card and this happens every day! but kids are buying into this stuff and they think its free money which is sad.

NY Bowhunter · 01-14-2004, 05:46 PM

AAAAAAAAAAAA freaking MEN!!!! Evil in its purest form. I fail to even see any good to come for them. They really do you favors with those interests rates too!! I'd like some notorious credit card users to calculate (when they are about 65) how much they paid in interest alone. Pay cash or don't buy. I agree 1,000% as far as the kids getting hooked on them. Not a good habit. You see wayyyyyyyyy too many people in debt due strictly to credit cards and the ease of them. It's a fantasy world thinking your able to purchase things you really can't. When it comes down to it, you're not playing with monopoly money. You have to pay it back sometime. A definite snowball effect. They are a convienence and nothing more.
The only way I could condone them is if like you said you can pay off the balance in a reasonable amount of time (month). Then they serve the purpose of being useful in an emergency.

credit cards = blahhhhhhhhhhhhhhhhhh

fng · 01-14-2004, 06:19 PM

Damn,

I didn't even have a gas card until I was in my 30's.

Everything was cash.

BenGarrett · 01-15-2004, 12:50 PM

I hate credit cards. I am a firm believer in cash purchases. I guess I am one of the dwindling few. Here lately, though, I have started using my Cabelas credit card to purchase everything from gas to groceries and to pay the bills and then I pay it off every month. Every purchase gives me points towards free stuff from Cabelas and you can't beat that.

I don't fault the companies for sending them to kids as long as the kids are 18. If the kid don't have enough sense but to use them, I guess it's a good opportunity to learn one of life's lessons. Good credit is very easily restored. I know, because mine used to be virtually ruined.

bobo21 · 01-15-2004, 12:55 PM

My credit is gone from irresponsibility and credit cards. If they only knew what might happen!

stealthycat · 01-15-2004, 12:56 PM

Whoa now, WHO'S responsibility is it to manage their money properly ? The card holders. If you don't want the card, don't keep it. If you aint got the money to spend, don't charge it.

Credit cards are abused all right ... but its the people abusing them thats the problem, not the card itsself.

I fully expect my kids to have and use credit cards at an early age to learn money management and to build credit.

vc1111 · 01-15-2004, 01:02 PM

Quote:

but its the people abusing them thats the problem, not the card itsself.

Then you won't mind the tobacco companies marketing in your grade schools.

farmcntry · 01-15-2004, 01:13 PM

Credit cards are a scam I would love to get into.
What other form of credit can charge 20% interest and not get questioned by consumers?

FARMCNTRY Credit Card.
No annual fee.
0% for the first six months.
Only 14% after that guarenteed!

WHAT'S IN YOUR WALLET??

burniegoeasily · 01-15-2004, 01:14 PM

What I find funny, is the kids who have credit cards that are under the age
of 18. I taught a girl who ran up a bill on her credit card. The credit card
company gave her this card with out having a coe signer. In all reality, she
was too young to be interred into a legal contract. I wonder if she would
ever have to pay the company back.