Another one for you to ponder...

Hm.. looks like the guys are the ones who are better at this so far...

$0 ALL ALL ALL ALL

Let's see who can get it first.

By the way, heard of the new credit card that students below the age of 18 can get with no income requirement and a $500 limit? Go read about it here.

Personally I think it's a BAD idea. I believe in spending within my means and I've read enough of newspaper reports of people who did not manage to pay off their monthly installments and got into serious trouble trying to pay off their debts to the bank. There have even been people who have become bankrupt because of their credit card debts. The interest rate and more importantly the roll over effect is simply too high. (Something to ask your Maths teacher about :) ) Ultimately, is it worth it? I do not think so.

Indeed, one really needs a huge amount of discipline to own a credit card, which I dont think many people possess, young or old. Personally, I didn't even get my first credit card till 2 years ago and that is because I just couldnt resist the discounts these cards offer. Of course I made sure all my monthly installments are paid up on time and I am NEVER late. (for those who are curious :P)

There are, of course, people with a different point of view who believe that students should start young in terms of money management so as to prepare them for adulthood. Question: who are they going to learn it from? An oh so convenient source - schools. More periods for Money Management lessons anyone? :P The more responsible parents might take matters into their own hands and self educate the kids. What if however, the parents have the wrong values on money? What then? Are we going to create perpetual generations of credit card slaves?

Don't be mistaken, I'm not against credit cards. In fact, I do agree that it might be suitable for SOME students but the repercussions are greater than that. The possibility of the C.C becoming a 'status symbol' for students is definitely there and the inevitability of an ignorant or ill-disciplined youngster who spends beyond his/her credit limit and has to have the parents pay the debt off for them is almost certain. That is of course, if the youngster comes from a family background that is able to afford it. What about those who may not be able to do so? What possible lessons could then be learnt? Will it create more social problems?

In my opinion, if this goes through, a brand new social dynamics is going to be created amongst the youths and one that may not be too pleasant and may in fact go on to increase the gap and lack of understanding between the haves and have-nots.

That would be a very sad day.

What do you think?