Youngsters seems to lack knowledge regarding financial matters and therefore they are the ones who fall in the debt trap first and that too quite early in their life. In one of the surveys it was found out that U.K teenagers have a very poor knowledge of credit cards and one in twenty were of the opinion that a bank voluntary waives off credit card debt whereas a quarter of the teenagers surveyed said that credit card was a thing which enabled people to buy goods and services. Honey, your understanding of cards seems to be absolutely poor and this shows that kids lack basic understanding of credit card debt.
This is really serious and teenagers need to be educated if they have to be saved from the ferocious debt cycle created by credit cards and ensure that they use credit cards judiciously and do not regard them as a child’s play. The need of the hour is to give financial education to children at school and college level if they have to be really made aware about the truth behind credit cards.
Via moneyexpert
