How We Can Help you

Bankruptcy Blog

Library

Are Credit Card Companies Targeting Your Children Too? | St. Louis Bankruptcy Attorney

Today, my youngest son and daughter received an interesting bit of mail. Both Tyler, 17, and Devyn, 16, received offers in the mail for a Southwest Rapid Rewards credit card from Chase, complete with a mocked up card, application, and an offer that was almost too good to refuse. Of course, with both of them being under 18, they aren’t eligible for the credit card. I wonder if Southwest knows that their name and reputation are being used to target underage children to get them started in the credit trap. So, why did Chase insist on targeting my impressionable teen agers?

With the new credit card laws that went into effect two weeks ago in an attempt to curb credit card debt, the credit card companies are no doubt suffering some losses. After all, they actually have to be straight forward about how much interest you’re paying, how long it will take you to pay off the card, and options you have for closing the account. Now, I think we’ve found one way that the credit card companies intend to make that money back: from the accounts of babes.

What can you do as a parent who knows all too well that finding a solution to credit card debt is harder than it seems? The best thing you can do is educate your children. Soon, Tyler and Devyn will be out on their own without me to protect them from the big bad credit industry. I will have to arm them with the knowledge of how to use a credit card responsibly and how not to fall in the most common traps that credit card companies set for you.

The credit system is almost designed for failure—and, now, these companies want to launch our children into the world of credit cards before they are even of age to have one. The best way to show your children how to be responsible with credit is to set a great example yourself. If you’ve found yourself in overwhelming credit card debt without a solution, Chapter 7 bankruptcy in Missouri and Illinois can help you get rid of that debt and wipe the slate clean. Then, you can truly show your children responsible spending. Still wondering if bankruptcy is really right for you? Request a free copy of my debt guide, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to learn how Chapter 7 bankruptcy could change your life.

News

FAQs