Debt Problem Spreading to Kids
National Public Radio this morning is reporting a dramatic rise in the number of credit card application being sent to minors. The radio show can be heard here.
It makes sense, if you think about it. The credit card is basically a cash cow for the issuing companies but everyone already has one. So the kids are the new frontier. Interestingly, the story points out, that it is not illegal to issue cards to minors but they have, under the current U.S. law no obligation to repay! This website has been created to try and provide consumers with responsible information about debt and using credit wisely. I think it is safe to say that debt, like obesity, it affecting younger and younger people and is getting worse and worse. We seem to be continually evolving into a society that needs more and more instant gratification and can blind ourselves to the consequences.