Credit card usage and debts among teenagers

Credit card usage and debts among teenagers

Credit card usage and debts among teenagers
Cummins, Haskell and Jenkins’s research study, “Financial Attitudes and Spending Habits of University Freshmen” published in 2011 in the journal Journal of Economics and Economic Education Research, examines two factors that are associated with college students’ credit card indebtedness. The author states that college students’ buying patterns and financial values affect their credit card indebtedness. Specifically, students with a tendency towards compulsive buying are more likely and those with effective financial management are less likely to hold credit card debts. Depth interview data further illustrate the contexts and causes of overusing credit cards as well as solutions for their debt problem. It sheds light on reasons why college students fall into credit card debt and suggests strategies for helping them use credit cards wisely.

In the 2012 SCMP news article entitled, “Students responsible with dollars and
Cents”, the writer gives statistical data collected from the survey which is conducted by the Tung Wah Group of Hospitals and the University of Hong Kong. A total of 802 undergraduate students respond to the survey. It indicates that majority of students possess one or more credit cards and one-third accumulate debt. Half of the respondents in this survey know little about credit knowledge which is significantly related to debt levels. The findings suggest that credit education is needed for students to help them make informed decisions and avoid having excessive debt which affects their financial security.

When comparing these two sources, I find both to be very relevant to my issue of credit card usage and debts among youngsters. They are also current as both were published fairly recently in 2011 and 2012 respectively. The sources have authority as well because the first is taken from an academic economic journal and the second is from a premier Hong Kong news source. In terms of accuracy, the...

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