Technology

Use Of Credit Cards By Teens On Rise—Research States

A recent report that showcased the statistics of children owning credit cards showed that according to 6 million parents in the US, their children who are not even 18 years of age own a credit card. Additionally, the survey held by CreditCards.com told that around 21% of the almost 1524 parents who took part revealed that their kids have used their cards without permission. In fact, 13% of the number, even added that such usage without permission has happened quite a times.

Rossman from CreditCards.com said that such incidents are happening as the result of awareness and comfort with technology. He even added that he quite liked the idea of addition of a kid to a credit card only if he is diligently taught at home about the responsibilities that come with money.

It was noticed that around 13% of population of parents who make money over $80,000 yearly report of having a kid owning a credit card in contrast with the 5% of the population with the earning less than $40,000.

The usage of credit cards by the children is certainly high. T. Rowe Price even reported that almost 18% of the children in the age group of 8-14 were using credit cards of their parents as guests. This figure was around 4% in 2012 which is visibly lower than present’s.

Rossman suggests that the excitement mixed with urge to use credit cards at such a young age comes with the increasing exposure of kids online. Apps suggesting to be bought with a monthly or annual subscription lure them and hence, the usage.

Cindy Goodman, who is a co-founder of a blog called Raising Teens, told that she also added her girl and 2 boys to her Visa Card Account lately, once the children got their driving licenses at 16.

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Martin Burks

Martin Burks holds a degree in IT Business and Management. He has a passion for grasping technology-based information from books, various expeditions, and other enthralling means. The interest in technology was magnetized in the form of articles into the pots of content writing. His love for sharing knowledge has helped many beginners learn a lot from an experienced mentor. Even the most blood-curdling and trending events are provided in an informative format on the Industry News Store platform.

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