Sunday, October 25, 2009

Credit Cards Misused


Use of credit cards by the teens is fraught with dangers. It is not only true from the point of view of a banker, it is also true for parents and guardians who risk their property in case of a default on the part of their teenager sons or daughters.

It seldom happens that a teenager owns a property or some such item against which he or she can get a credit card issued, therefore, in order to ensure that the teenagers have financial discipline it is mandatory for the society in general and the parents in particular to educate their children on the use of credit cards.

Mutual well being of the society is very much dependent on this aspect.

If the rampant use of credit cards on the part of teenagers is not reduced by taking drastic steps, then we are heading towards such great financial irregularities, which will be difficult to control.

It is obviously elating to see our son or daughter financially independent, however, the most important thing to consider is "at what cost".

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