Research Shows Teens Need Education on Credit Card Debt

APRIL 5, 2004 - Posted at 6:38 p.m. CDT

FAYETTEVILLE, AR - Research at the University of Arkansas shows that too many teenagers know too little about the perils of credit card debt.

The researchers are creating a up a CD-ROM to help parents discuss money and credit-related issues with children as young as 14-years-old.

Research by Myria Allen, associate professor of communication, and other professors found that the less informed that college students are, the more credit card debt they have.  The students are more likely to have more credit cards and bigger balances than students with a greater knowledge of the implications of the debt.

Allen says most literature for parents discusses talking to kids about sex or drugs, but not money.

(Copyright 2004 by The Associated Press.  All Rights Reserved.)