Most teens are not ready to have the responsibility of having and using credit cards, nether are millions of adults. Millions of modern day teens have spent their whole lives watching their parents abuse the use of credit cards. Can they be expected to do anything different? Most kids follow in their parent’s footsteps and what they have witnessed with credit cards is not good. Teens have watched mom and dad in the store searching for the right credit card to use. If they are in the store with mom or dad today the searching for the right credit card might take longer as some credit cards they have will not be honored any longer. The limit got maxed out on some of those cards
Far too many people have abused credit card use and ruined their lives with unsustainable debt. It started with a few purchases at the mall for things needed for daily living, and then it moved to things wanted for entertainment including every electronic toy the day it hit the stores. The gasoline credit cards made it very easy to disregard the cost per gallon. Gas costs were meaningless when the minimum payment was all that was paid on the credit card. Teens love to drive, so giving them credit cards would bring smiles to their faces, also to the bankers and oil companies.
The slippery slope of credit card abuse really gained momentum when grocery stores and fast food places started honoring them. We finally evolved to the point of paying credit card bills with other credit cards and everybody singing tomorrow will never come!
The American economy is in free fall from the huge housing crisis after home equity was used like an ATM machine. Greed made lenders rich for awhile as consumers were buying everything they wanted but now the party is about over. The credit limits are being lowered and some cards are being cancelled.
High school age teens could start responsible credit card use in this country for the first time in years, or teens using credit cards could also write the final chapter in the story about the downfall of the American economy. Does the majority care about huge debt anymore? Some feel Jesus is coming soon anyhow so lets just live it up, buy what you want!
Tomorrow will come. There is no free lunch! The American taxpayer, thrifty spenders and future generations will get left to pick up the tab. The speculators will probably invest their ill-gotten gains in the growing credit card business overseas.