final proposal - Tim Nguyen English 100 (Online) Ticket #...

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Tim Nguyen English 100 (Online) Ticket # 20050 July 1, 2009 Final Proposal Teens Plus Credit Cards Equals Disaster It has been known and well documented for quite some time that teenagers make up a huge part of the retail consumer base. Teenagers are frequently seen purchasing the latest and newest tech devices and fashion designs among the few, and for the most part, they show no signs of slowing down. This behavior, though quite beneficial to retailers and our economy in many aspects can be very detrimental to teens. Every year, many teenagers have found themselves in over their head in debt, and for the lucky few that escape the grasping hands of debt, they’re poor spending habits will only continue to be fostered, and it is only a matter of time before they too will find themselves in debt during their adulthood. Behaviors shown during teenage and adolescent years have often been prevalent into adulthood, therefore these years can be very pivotal in an individuals lifetime. Teen consumption is not something that is exclusive to simply the United States. This behavior can be found throughout the world, and is motivated by a teenagers longing to belong to the material world in which they exist. While shopping in itself is not entirely bad, it is without limits and guidance that lead teenagers astray. Too often then not, teenagers are being given a credit card by their parents and are very loosely managed. Teenagers sometimes lack a true sense of financial commitment because it is
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not them, that must deal with payments every month, and therefore when given a credit card, if not educated, it’s much like giving teenagers the green light to buy whatever they want and spend as much as they want. What some credit card companies have now done is create a credit card with certain spending limits and restrictions that are directed toward teenagers. This way teenagers are not allowed to spend over their allowed budget, and can eventually learn to budget their spending. I think that is a great solution that credit card companies have come up with, however I am still not entirely satisfied because teenagers are not spending their money, and can still make the financial situation quite sticky. My proposal would be to only allow teenagers to own debit cards, which are connected to their checking accounts. This way teenagers are only allowed to spend money they already have, and if anything if they were to overspend they could only do so by a certain amount before their bank company declines their card. My argument comes from the basis that these teenager friendly credit cards already exist today, however the problems are still there. Whether it is the fact that certain cards vary in spending limits, to teenagers owning more than one credit card, there seems to be too much room for teenagers to exert their spending without the proper guidance and restrictions. Therefore, the best solution is to do away with credit cards, and only let teenagers spend money that they do have, which would teach them to better
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This note was uploaded on 11/20/2011 for the course RANDOM 1234 taught by Professor Notsure during the Spring '11 term at Cerritos College.

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final proposal - Tim Nguyen English 100 (Online) Ticket #...

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