Credit cards are being marketed to 10 to 14 year olds. It’s crazy, I know, but it reminds of that whole incident last year in which a 6 year old boy ended up with a credit card (limit: $600). And it appears that this little boy isn’t too far out of the target market. A recent presentation on the floor of the Senate (seen on C-SPAN, hat tip: In One Ear…), quotes a comment from a marketing meeting that says that the target age group of a Hello Kitty credit card would be 10-14. But that it could “go younger”. (Worth noting: Bank of America issued the 6-year-old’s credit card and is the issuer of the Hello Kitty card.)
This is a problem. Even with the recession teaching us to be careful with our money, the credit card companies are out to ensnare a new generation. This means that more will be put on us, as parents, to teach our children about credit cards, debt and making responsible financial decisions. And it’s got to take place at home, folks. Because these credit card companies are serious about getting your kids hooked on debt.
What do you think about marketing credit cards to those under 16?
image source: Rakka via Flickr