I have a 19 year old daughter that has 10,000 in credit card debt. You call Chase, Macy's, Express and many others and they don't even want to talk to you. Making $10.00 an hour and giving someone a credit limit on a visa for $5,000. I believe that they are setting our children up for failure. I suggest to my daughter that she files bankruptcy. I will pay for my daughter to attend college however, I refuse to help her mop up her mess. Credit card companies need to have common sense. How can they except someone at 19 to be responsible with such high credit limits especially during a recession. $39.00 late fee $39.00 of the credit limit fee and finance charges of 22.8%
Karen Paolucci
of RI
@
Aug 11, 2009 18:38:36 PM
Secured card scam
Currently, the typical secured card scams people by charging one fee after another. How about application fee, acceptance fee, maintenance fee, monthly fee, etc. By the time they are done signing up, they've incurred fees that are put on their cards that can use up half their credit limit or more. Banks are not going to change their evil ways very fast.
A previous poster is correct. Credit has become a drug. Americans have adopted the "buy now, pay later" mantra with a passion. And kids see their parents flashing the cards over and over. I had a checking account in college, no cards. And I had to keep track of every penny. People complain about all the fees, but don't take the common sense steps to avoid them.
Jimmy
of MD
@
Jul 07, 2009 09:45:28 AM
There is no difference
Between credit cards for teens and credit cards for adults: Spend only what you can afford. A credit card is nothing more than a convenient substitute for a checkbook. If you don't have the money to back a check--don't write one. If you don't have the money to back a credit card charge--don't charge it. Credit cards are not for making loans. Credit unions and banks are for making loans. And making loans with them is only if you can afford to repay them. There is nothing evil about credit cards--it is only evil (spelled stupid) to misuse them.
HillbillyBill
of TN
@
Jul 01, 2009 13:20:55 PM
We don't want people under 21
becoming addicted to tobacco or liquor. We should likewise not want them addicted to debt. The new law helps with that.
The author is correct that the "secured" credit card is the way to go for young people. You cut the apron strings by not needing or having a co-signer. You are, in effect, spending money you already have--the "deposit"---not going into debt. And, you build a credit history.
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
Karen Paolucci of RI @ Aug 11, 2009 18:38:36 PM
Jimmy of MD @ Jul 07, 2009 09:45:28 AM
HillbillyBill of TN @ Jul 01, 2009 13:20:55 PM
Muser of NM @ Jul 01, 2009 11:33:26 AM
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