Remember the moment when you fish saw a young kid carrying a mobile phone? In today’s society, little kids as young as 5 years old are already using a mobile phone given by the parents.
Not only that and credit card has become a necessity for people from different age groups too. From young to old and men to women, poor to rich, good looking to non good looking.
In this article, you will find out the different types of credit card spending for different age groups.
1. Young Teens / College Students – Getting Started
There were cases when credit cards issuers were not allowed to sell credit cards to students and young teens. Due to the nature that young teens and college students will not have control over their spending. While this might be a good news for the vendors, yet it is definitely a crisis for the parents.
However, after going through so much hassles, vendors have come out with new schemes specially targeted to this potential market. Students can now apply credit cards with very low spending limit given to them so that they can always control.
At this stage, it serves the purpose to prepare them for more advanced credit card usage in the future as they are just getting started. It is good place for them to start realize how difficult it is for their parents to pay for credit debts.
2. Young Adults – Sweet Temptation
This is a different level and this group of people apply the regular credit cards. In other words, they apply credit cards have have higher spending limit and often get into debt very easily if they do not manage their spending well.
Unlike students, young adults have more needs to be met like going on a date, paying for car loans, mortgages, paying for the parents and many more. As their level of commitment raises, their spending capacity also raises.
What is more tempting is that, young adults tend to be influenced easily with the lifestyle they want. More than just meeting the needs, they want to bring their lifestyle to the next level by buying the more expensive furnitures, lamps, car, or even condominium for themselves.
Now this is not wrong and the time it becomes inappropriate is when the credit is not managed well and they spend more than they should be spending. This is why young adults are often in the sweet temptation stage.
3. Middle Age – Reaping What They Have Sowed
Middle age generations have probably spent a lot of money in the past with credit cards. Some of them have already paid the outstanding balance in full and some of them are still struggling to pay.
Whether they enjoying or struggling, they all have a common benefit. The valuable points they have collected over the years when they make purchases with their credit cards can now be used in exchange of many other great things. Good examples would be discounts, vouchers, freebies and even cash rebates.
Not only that, if they have bonus cards, it will even be better for them because instead of spending on their own, they take advantage of the points they have collected and use it to buy more valuable things they have always wanted to buy.
4. Senior Citizens – Imbalance Spending
At this stage, spending behaviour can be imbalance. They either do not spend at all or they overspend it without balance. As a result many senior citizens have to do part time job and in Malaysia, the aunties and uncles will come out with ways to sell whatever they can in the market in order to earn some pocket money for themselves.
So there you are, the appropriate credit card spending for different age groups have been revealed to you. Which category do you fall into?
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