Teenagers and their Credit Cards Essay -- credit

Teenagers and their honorable mention rating rating Cards         handiness of credit handbills have left young people in debt.  College-age students and low-income consumers, typically deemed bad risks, are easy targets for credit card companies.  citation card companies should not target college-age students and low-income consumers because of their lack of financial stability.  In 1996, twenty-something consumers owed an comely of $2,400 on their credit cards, nearly triple what they owed in 1990, according to enquiry by Claritas Inc., a marketing research firm in Virginia.  If, payments of  $75 were made monthly to pay off a $2,400 debt, it would take 3-1/2 years with a 16 percent-rate card, and youd pay $ 750 in interest.        Theres no move that young adults are the most heavily burdened by credit card debt, said Stephen Brobeck, executive director of the Consumer Federation of America.  Many volit ion plunge into debt.  Many teens waste little time taking on debt after leaving home.  The number of 18 and 19 year olds with credit cards in their own name is climbing, according to Teenage question Unlimited.  Of American teen between 18 and 20 years old, 41 percent have their own cards, compared with 36 percent last year.         across all age groups, the statistics dont paint a pretty picture.  Bankruptcy fillings in the United States have more than doubled in the last decade, from 530, 436 in 1986 to 1.2 million last years.  Americans owe $ 484.6 billion in credit card debit, up from $ 437.9 billion in 1996, according to the Federal Reserve Board.  That national Foundation for Consumer... ...bsp Works Cited   Evans, David, Richard Schmalensee.  Paying with Plastic  The Digital Revolution in Buying and Borrowing.  Massachusetts  Massachusetts Institute, 2000 Citibank.  Citibank, Nader and the Facts.&nb sp New York  First republical metropolis Bank, 1974. Kaminow, Ira, James OBrien. Studies In Selective Credit Policies.  Philadelphia  Federal Reserve Bank, 1975. Mandell, Lewis.  The Credit Card History  A History.  Boston  Twayne, 1990. Manning, Robert.  Credit Card Nation  The Consequences of Americas Addiction to Credit.  New York  Basic Books, 2000. Poltos, Pearl, Bob Oskam.  Easy Guide to reliable Credit.  New York  Berkley Books, 1990. Wood, Oliver, William Barskdale.  How to Borrow Money.  New York  Van Nostrand, 1981.