In this episode of
Money Creation Explained, we are going to cover Why Credit
Card Companies Love to Target Young People.
Basic money fundamentals and skills are not taught in
elementary, middle, high school or college. Most of us are
taught math, science, history, language arts, social studies
and similar courses.
Companies advertise products and services to young children
and teens telling them what they must have. Society also
reinforces this and today’s generation is about instant
gratification and getting everything fast in life. Also,
credit card companies push credit to young adults and target
them for many reasons. These include getting them early when
they can be influenced and are more impulsive. Rewards and
other freebies have a higher rate of success with
youngsters, and most parents will bail their children out if
they get into financial trouble.
The average young adults, by the time they start working,
are using their money for luxury items such as headphones
and brand name sneakers and never get in the habit of saving
as much as they can. Saving money gives a person financial
maturity and stability and many options that the person who
never saves does not have. According to many studies, the
average American does not have $1,000 in their bank account
to cover an unexpected bill. That means, in the event of an
emergency expense (vehicle, housing, medical, etc.), if
family or friends cannot help, the average person would have
to rely on high interest credit cards or payday loans. Most
people do not think that far in the future and do not
calculate the amount of wasted funds they spend on loan
interest and related service fees.
IOU Notes is a peer-to-peer credit and loan platform.
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