More and more teenagers nowadays are having their own credit cards. It seems like a symbol of wealth as every time the teens use their credit cards for payment, they may feel proud of themselves. Yet, should teens be allowed to own credit cards?
Teenagers should not be allowed to own credit cards as they are not mature enough to have good self-control. Many teens’ shopping habit is a good example. They just buy everything they like or their friends like, ignoring the usefulness and price of the products. They may overspend. Can immature teenagers use the credit cards properly?
What is more, they do not have a financial ability and experience of financial responsibility. Since teenagers are not allowed to work before 16 years old, most of them do not have income. All their money comes from parents. How can one with no financial ability own a credit card? Yet, no financial ability is only half the problem. Since credit cards are not real money, teens who do not know the hardship of earning money may use money even more crazily. It is easy for them to overspend when all they need to do is to hand over a plastic card. Therefore, it is not suitable for them to have a credit card.
Also, credit cards promote an idea of ‘using future money’. Without financial ability and good self-control, teenagers may simply lose control on using their money and cannot pay back the bills. This could be a great financial risk to them and their parents.
Nevertheless, some people may think teenagers should be allowed to own credit cards since it is so convenient. If the teens’ parents were not with them to provide money but they needed money in urgency, they could use credit cards for payment. Teens could also learn to manage their personal finance through using credit cards.
In conclusion, credit cards are convenient and help teenagers to learn financial management. However, they are still not mature enough. Even adults may get into trouble when using their credit cards irresponsibly, so how can we expect young people to use them properly? After weighing the pros and cons of owning credit cards, I think that youngsters should not be allowed to own one.