The Credit Card Market

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The Credit Card Market The almighty credit card is an inevitable factor Americans face. It often begins at age 18; One begins to receive applications daily, especially those who are in college. This can be advantageous on one hand, but dangerous on the other. At 18 years of age, you are technically an adult who make your own decisions. Unfortunately, many teens do not use credit responsibly, then they dig themselves into a hole financially.Credit card companies target you for the very fact you are of age, however often too young to think about your financial future. For decades, credit card companies have tried to lure teens and young adults into the wonderful world of the "buy now, pay later" mentality. Many companies such Master Card, Visa, American Express and Discover will place a starting limit of $250 to $300 on someone without an established credit history. After 6 to 12 months, they will raise the limit if payments were made on time and the person used the card responsibly. Depending on the company, some require a co-signer, such as a parent or guardian, to gurantee the funds re-payment. However, by 2001, more and more teenagers had their own credit cards and were already establishing their credit history. This a double edged sword; if the teen is responsible, they can successfully develop a solid credit report and be approved for more loans in the future. Things like cars, houses, apartments, etc...all rely
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