Teenagers and their Credit Cards Essay -- credit

Teenagers and their Credit Cards         Availability of credit cards cede left young people in debt.  College-age students and low-income consumers, typically deemed bad risks, ar easy leads for credit card companies.  Credit card companies should not target college-age students and low-income consumers because of their lack of financial stability.  In 1996, twenty-something consumers owed an average of $2,400 on their credit cards, around triple what they owed in 1990, according to research by Claritas Inc., a merchandise research firm in Virginia.  If, behavements of  $75 were made monthly to pay off a $2,400 debt, it would take 3-1/2 years with a 16 percent-rate card, and youd pay $ 750 in interest.        Theres no question that young adults are the intimately heavily burdened by credit card debt, said Stephen Brobeck, executive director of the Consumer Federation of America.  Many will plunge into debt .  Many teens looseness little time taking on debt after leaving home.  The total of 18 and 19 year olds with credit cards in their admit name is climbing, according to Teenage Research Unlimited.  Of American teen amidst 18 and 20 years old, 41 percent have their birth cards, compared with 36 percent last year.         Across all age groups, the statistics dont key fruit a pretty picture.  Bankruptcy fillings in the United States have to a greater extent than doubled in the last decade, from 530, 436 in 1986 to 1.2 million last years.  Americans owe $ 484.6 billion in credit card debit, up from $ 437.9 billion in 1996, according to the Federal Reserve Board.  That National Foundation for Consumer... ...bsp Works Cited   Evans, David, Richard Schmalensee.  give with Plastic  The Digital Revolution in Buying and Borrowing.  momma  Massachusetts Institute, 2000 Citibank.  Citibank, Nader and the Facts.&nb sp mod York  First National City Bank, 1974. Kaminow, Ira, James OBrien. Studies In selective Credit Policies.  Philadelphia  Federal Reserve Bank, 1975. Mandell, Lewis.  The Credit Card History  A History.  Boston  Twayne, 1990. Manning, Robert.  Credit Card Nation  The Consequences of Americas Addiction to Credit.  New York  staple fiber Books, 2000. Poltos, Pearl, Bob Oskam.  Easy Guide to Good Credit.  New York  Berkley Books, 1990. Wood, Oliver, William Barskdale.  How to Borrow Money.  New York  Van Nostrand, 1981.