Debt Information For Teens

Tips For A Successful Financial Life

For many of today's teens, the milestones that mark the journey toward adulthood include debt and other financial obligations. They eagerly look forward to their first credit card or taking on the responsibility of car payments. Those who learn how to manage their finances responsibly and make smart decisions about purchases, can gain experience and skills that will serve them for a lifetime. Those who falter, however, can find themselves trapped in an endless cycle of debt.

Debt Information for Teens explains the economic fundamentals that govern the use of debt as a financial tool. It talks about the uses and abuses of credit and describes how everyday transactions serve to create a person's credit history. Different types of loans, including vehicle loans, loans for education, business loans, and mortgages are described. A special section on credit and debit cards outlines the advantages and disadvantages of using plastic. Another section on predatory and problematic lending practices focuses on the types of credit often associated with exceptionally high interest rates and other abuses, including payday and title loans, refund anticipation loans, and advance-fee loan scams. Information on preventing and resolving debt-related problems is also included, and the book concludes with a directory of resources for additional help and information.