January 13, 2000
Young Adults Prey to Credit Card Trap
Young adults may find that credit cards only pretend to be their friends, says a UAB economist. Assistant Professor Sarah Culver, Ph.D. said young people besieged with credit card offers often fail to realize that payback is a bitter pill, particularly with interest charges they may not consider. And to make it worse, some are reinforced in that behavior "because more often than not the parents are bailing them out, which is really not a great lesson for them to learn. When you have a safety net you tend to be more daring. There's a whole population of folks that are perhaps not financially savvy and don't really understand how quickly they can get into trouble by misusing their credit cards."
Call Nick Patterson at (205) 975-8858 or e-mail: [email protected].
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