Credit cards can lure naive young people into a heap of financial trouble.
There is a lot of talk about "carding" young people today in the fabric of a society that sees too much under-age drinking. And as long as the law says one should be 21 or older to be allowed to purchase spirits and imbibe, it should be strictly enforced, particularly where there are fake identifications to help the miscreants.
But there is a readily available card that too many student-types can acquire far too easily and can get them into serious trouble. That would be the "credit card" that so many institutions are attempting to foist off on youthful citizens who often are too immature and unschooled in prudent use thereof.
There are all sorts of special inducements, particularly for college-level students, to lure people into the card-holder corral. Visa, MasterCard, American Express, these all offer various kinds of merchandise to get a break-through.
Banks, of course, not only want to tap the current financial barrel but are hopeful that students remain loyal to their label and do business for years to come.
But card totals can rise quickly and pose serious problems for those not inclined to carefully monitor their finances. For example, a credit card debt of $2,162 takes 15 years to pay off with minimum monthly payments of $36 with an interest rate of 18.84 percent, which is quite common now -- especially for neophyte card-holders.
Parents, school counselors and many others are working to try to get across to students that they can become hypnotized by the ease with which they can run up bills with "plastic." Sadly, many are going to learn the dangers the hard way, and may even encounter youthful bankruptcy conditions that could haunt them for years.
Credit cards used wisely, by young and old alike, are marvelous tools in today's world. The secret is to get across to the newcomers to the plastic field what trouble they can get into.
But it's like warnings on smoking, safe sex, drinking and driving and many other pitfalls of youth, youngsters too often think it will happen to somebody else.
All of which brings to mind part of the lyrics of an Elton Britt recording of the 1940s: "When I get old and have a grandson/I can tell him of my troubles and then watch his eyes bulge out./But chances are he won't believe me/so he'll do the same darn thing when he grows up, no doubt."
Believe it, kids, believe it. Credit cards can be extremely dangerous to your financial health!
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