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Article: Give me some credit: what are the hidden dangers of using a credit card?(Reality Check)
- Article from:
- Know Your World Extra
- Article date:
- February 2, 2007
CopyrightCOPYRIGHT 2007 Weekly Reader Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Teens spend a lot of money, and businesses know it. That's why credit card companies want you to have a credit card. Sure, using a credit card can be helpful. It's much easier to carry around a card than a wad of cash. And if you pay your bills on time, you can build a good credit history, or financial reputation. One day, when you need a loan for a house or a car, that will be a good thing to have.
Just because companies want teens to have credit cards, however, doesn't mean teens are ready to have them. Jason Alderman, director of Visa's financial education program, told Extra that getting a credit card can be like "getting a car without taking driver's ...