Well, you don’t really need to study teen credit card debt statistics to know what’s going on. Teen credit card debt statistics can look very similar to other ones. I think I read somewhere about teen credit card debt statistics, and those teen credit card debt statistics show that many teens in the US have large balances on their credit cards; something they shouldn’t have (given their limited need for credit). While these teen credit card debt statistics will give you a fair idea of how our teens are faring in the credit card world, it’s not so important to talk about teen credit card debt statistics, it’s important to talk about ways to improve teen credit card debt statistics (and by that I mean improve teen credit card debt statistics in a positive way).
So, how do you improve teen credit card debt statistics?
Well, improving teen credit card debt statistics starts, as you must have guessed, with education. This education must begin early in a teen’s life. Here, we are not just talking about education related to credit cards, but education about financial management in general. Without explaining to teenagers the real value of money (and also teaching them how to use it), the statistics of teenage credit card debt cannot be improved. Therefore, in order to improve credit card debt statistics among teens, we need to educate them about managing money and finances in general. This can start by asking them to keep track of their pocket money and how they spend it. Also, engage them in education related to money management (of course, you must tailor the discussion to their level of knowledge and maturity). The next step is to open a bank account for them and teach them all aspects of managing it. Teach them what debt is and when it is considered a bad thing. A debit card may be the next step for them. Once they start getting comfortable with doing their own banking transactions, you can get them a prepaid credit card (something with a preset limit of $200-$250). You can also use a low-limit credit card (with a $250 credit limit) and teach them how to use it.
This way, you can follow a step-by-step approach and make sure your teens learn best practices (so you can contribute to improving teen credit card debt statistics by keeping them away from those horrible teen credit card debt statistics).