Currently, there is an early access to credit card trend for young people. Although this gives them a convenient society, I believe there are many serious drawbacks that should be taken into account.
The main disadvantage of young people having easy access to credit card is their poor financial behaviours. Many young adults lack financial literacy and may struggle to manage their finances. With the huge credit card limit and interest‑free period, they might get carry away with splashing out on fashion and trendy stuffs. As a result, some may max out their cards, run up a debt, or only make the minimum payment each month, which leads to high interest charges. Furthermore, young people lack self-control as things easily tempt them, they may end up in overspending due to impulse purchases. For example, when young people can easily access to a credit card, they always buy things on impulse, because they cannot resist their desire to obtain beautiful things. In serious cases, young people may even damage their credit score at an early age. This shows that easy access to credit cards can encourage overspending and long-term financial problems.
Despite the risks, some people may argue that having easy access to credit card helps youth to become financially independent. This can teach them how to manage their budgets and personal finances at a young age without relying on parents. For example, adolescents who have early access to a credit card usually gain knowledge and experience in managing their daily expenses. Nevertheless, this can only apply to young people who have financial knowledge and can clear off their debt on time. Without proper guidance, many young people overspend and overdraft their bank accounts. Therefore, although credit cards can be useful financial tools, their benefits are limited and often outweighed by the danger of debt for inexperienced users.
In conclusion, the drawbacks associated with young people having easy access to credit card appear to overshadow any potential gains.