Daddy"s Little Girl Can Become Daddy"s Biggest Financial Debt if Parents Fail to Teach Their Children Responsible Credit Card Use
- BOSTON, MA, December 07, 2005 - (InspiringTeens.com) Many pile on the bulk of their credit card debt during the holidays, and research shows that more and more of those buying with credit cards are young people. With the recent overhaul of bankruptcy law and the aggressive tactics credit card companies use to market to the young, financial debt has taken on a new sense of urgency this holiday shopping season.
"For parents, there"s college tuition and, of course, the Hollywood wedding," said Kathleen Hassan, CEO of InspiringTeens.com. "But one of the biggest expenses is turning out to be credit card debt."
As reported recently by The San Francisco Examiner and others, the lender Nellie Mae conducted a study of student loan applicants in 2001. The research found that, among the undergraduate students surveyed, 83 percent possessed one or more credit cards and an average debt of $2,327. The percentage was up from 78 percent the previous year. In 1998, only 67 percent of students surveyed had credit cards. The trend seems to continue even as bankruptcy law has become stricter through a major legislative overhaul this year.
"Girls go to college and get exposed to the privileged, who have brand-new cars, expensive jewelry, name-brand tote bags, and designer clothes," said Hassan. "The peer pressure can reach a fever pitch, and a new credit card can seem like the answer -- the much-needed relief, especially during the holiday shopping season."
"But who pays off the balance?" Hassan continued. "If they can, well-meaning parents do, but if not, young people go into debilitating debt before they even get a chance to start their lives. Kids learn a lesson the hard way or not at all."
On Dec. 2, Boca Raton News reported on a counter-trend. Nonprofit organizations, such as Debt Management Credit Counseling Corporation, are presenting debt-preventive workshops across the country to high school and college students.
"Girls do need informative lectures about the pitfalls of credit card spending," said Hassan. "But when they max out their credit cards, girls may also be crying out for something more than what a material society can provide. No amount of reason about proper debt management will get through to a girl who is trying to build her self-esteem from the outside."
Added Hassan, "A role model is needed -- someone who can truly connect with a girl and teach her how self-esteem comes from within, not from trips to the mall to make expensive purchases that contribute to rising credit card debt."
"Shopping sprees make us feel better in the short run, and they"re easy with credit cards," Hassan continued. "But the short-lived and false high that follows a credit card-fueled shopping spree gives way to fear when finances spiral out of control."
"Only those who can afford them should use credit cards," concluded Hassan. "As parents, mentors and as business owners, we need to teach young people that credit card spending will never fill the void that stems from feelings of inadequacy."
14.12.2005 - 20:34 Source: 24-7pressrelease.com | Read: 384 X
