Why Teenagers should not have a credit card

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Why Teenagers should not have a credit card. By Aren Mardikian. Pros of a credit card allows you to make purchases without having to carry cash offers you a loan without interest if you pay the full amount every month helps you establish a credit history and earn a credit rating, making it - PowerPoint PPT Presentation

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<p>Why Teenagers should not have a credit card</p> <p>By Aren MardikianWhy Teenagers should not have a credit card</p> <p>Pros of a credit card</p> <p>allows you to make purchases without having to carry cashoffers you a loan without interest if you pay the full amount every monthhelps you establish a credit history and earn a credit rating, making it easier to get loans in the future</p> <p>Cons of a credit card:</p> <p>Costs more money then cashmakes it easy to acquire debt that you may not be able to repaymight damage your credit rating if your payments are not on timecosts much more than a bank loan</p> <p>At the ages to 12- 19 I dont think that teenagers should have credit cards .Teenagers tend to spend money on things they want more than the things they need.Wants are the things that you want to have like for example candy and shoes. Needs are things that you can not survive without for example food and shelter. If a teenagers spent all of there money on the things they want there will be no money left over for the things they need to live. But If the teenager has a good self discipline and are able to control there wants and needs it wont be a bad idea to give teenagers a credit card because it will make the parents job much easier.</p> <p>In Canada the average consumer debt is 26,000 dollars.Debt is really powerful and can tend to ruin peoples lives and Cause depression Credit cards also have a monthly payment which is often $10 or 3% of the total owing so if teenager do use cash they will save money Credit cards are like getting a loan you have to eventually pay that amount that you used plus interest so more money is getting paid then if you payed in cash</p> <p>Teenagers should not have a credit card Teenagers dont know the value of money</p>