Why Teenagers should not have a credit card

1. Why Teenagers should not have a credit card By ArenMardikian

2. Pros of a credit card • allows you to make purchases without having to carry cash • offers you a loan without interest if you pay the full amount every month • helps you establish a credit history and earn a credit rating, making it • easier to get loans in the future • Cons of a credit card: • Costs more money then cash • makes it easy to acquire debt that you may not be able to repay • might damage your credit rating if your payments are not on time • costs much more than a bank loan

3. At the ages to 12- 19 I don’t think that teenagers should have credit cards . • Teenagers tend to spend money on things they want more than the things they need. • Wants are the things that you want to have like for example candy and shoes. • Needs are things that you can not survive without for example food and shelter. • If a teenagers spent all of there money on the things they want there will be no money left over for the things they need to live. • But If the teenager has a good self discipline and are able to control there wants and needs it wont be a bad idea to give teenagers a credit card because it will make the parents job much easier.

4. In Canada the average consumer debt is 26,000 dollars. • Debt is really powerful and can tend to ruin peoples lives and Cause depression • Credit cards also have a monthly payment which is often $10 or 3% of the total owing so if teenager do use cash they will save money • Credit cards arelike getting a loan you have to eventually pay that amount that you used plus interest so more money is getting paid then if you payedin cash

5. Teenagers should not have a credit card Teenagers don’t know the value of money