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Teens now say they have less credit card knowledge
Wednesday, 25 May 2011 13:00
As a result of the recent global recession, many adults have made more serious attempts to reduce debt on their credit card accounts and get spending under control. This behavior also seems to have rubbed off on teens.Fewer youngpeople now say they're knowledgeable about how credit cards work and how to manage these accounts, and a greater number have made saving a priority, according to the 2011 Teens and Money Survey from financial consultancy firm Charles Schwab. For example, just 32 percent of 18-year olds say they know how fees and interest rates on credit card accounts work, down from 43 percent in 2007, prior to the beginning of the recession. In addition, 39 percent say they are knowledgeable about how to manage a credit card, down sharply from the 64 percent who responded the same way four years ago.
Further, 77 percent of teens now consider themselves to be "super savers," the report said. On average, most teens have almost $1,000 saved up, and 76 percent say they've done so in an effort to help pay for college.
"It could be that the effects of the recession have given these young people a reality check - making them realize they aren’t as knowledgeable about financial tools and products as they may have once thought," said Carrie Schwab-Pomerantz, senior vice president of Schwab Community Services. "But the good news is that three out of four teens say that learning about money management is one of their top priorities, which is an improvement since 2007."
This sea change in kids' attitudes may be largely attributed to seeing their parents struggle financially during the recession, the report said. In all, 56 percent said they have a greater appreciation for their parents' work, and 64 percent are more grateful for what they have. In addition, about 75 percent of teens said their parents talked to them about their financial situation in the past 12 months.
The survey also found that most teens aren't optimistic about the economy, with 80 percent believing the recession is still going on, and 45 percent saying it will continue into 2012, the report said.
Federal laws now also prohibit teens from acquiring credit cards without either having an adult co-signer or providing evidence that they are able to afford the accounts on their own.
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Top Articles to Help You Lead A Debt-Free Life
- Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
- Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
- Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
- Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
- Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
- How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
- 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
- Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
- Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
- Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.
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