Related Credit Card Article

"Kids are also suffering as a result of the global credit crunch"

By admin | August 28th, 2008 | General

Since the onset of the global credit crunch in the UK last summer many households and individuals have suffered in a number of ways. Credit conditions have become very tight, borrowing has become more expensive, and the economy has been heading downhill fast. On top of this households have had to cope with rocketing inflation levels fuelled by increase petrol costs, rocketing food prices, and hiked up bills, all of which have put real strain on household finances.

However, according to a recent report it is not just the adult consumers that have been suffering as a result of the global credit crunch, as the credit squeeze and the rise in living costs has also hit kids’ pockets hard as well. The report suggests that many parents are cutting back on the amount of pocket money that their kids receive because of the difficult financial situation that they face. The data comes from a survey carried out by AXA insurance.

The results of the survey showed that around one in six parents had either cut back their kids’ pocket money or had even stopped their pocket money altogether over the past six months, with many struggling to keep on top of their essential payments. The research therefore suggests that an increasing number of kids and teenagers are likely to find things more difficult financially because their parents cannot afford to give them money when they need it.

An official from AXA said: “Over half of the teenagers we polled said their parents give them money if they run out, and one in five knows they will get what they want if they are persistent enough. But all that may change as parents find their finances stretched to breaking point for the first time in years. Parents are getting tough and kids are not going to like it.”

Recent Additions:

• Don’t be slack about credit card security
• Effects of the credit crunch set to get worse
• Many relying on credit cards to pay for basic breakdowns
• More ways to cut back on your spending
• Credit card borrowing much higher than in 2006

Tags: credit crunch

Related Articles:

• Kids could benefit from prepaid credit cards

  The prepaid credit card market has been increasing in popularity and value over recent years, and a recent report estimated that that the value of this market was due to rocket by 2010. This could be partly due to the global credit crunch, which has resulted in fewer people being able to get their hands...

• Getting a credit card for the summer holidays

  As any parent will know the seemingly endless six week school break will soon be upon us, and this means that there will be everything from holidays away to entertainment for the kids to think about. Whilst it can be very exciting to be thinking about the summer holidays and spending time with the whole...

• Concerns over prepay card for kids

  Concerns have been raised by a number of industry officials regarding a new prepaid card that has been launched by a mobile communications company, which would allow kids to make purchases online in the same way as they are made with a standard debit or credit card. The Load and Go card is being launched...

• Start your search for a credit card for summer

  Whilst many people may be planning to cut back on their spending this coming summer there are many that will be planning trips abroad or within the UK. For many parents the six week summer holiday is one that can be very costly, and keeping the kids entertained can be surprisingly expensive. Many parents decide...

• Get a 0 percent purchase card for the summer

  The summer holidays are now just around the corner, and many parents will already be filled with a sense of dread as they realise that they have to keep the kids entertained for weeks on end. Whilst there are many activities and pastimes that do not necessarily cost money most parents are well aware that...

Other Recent Articles

Use of credit cards declines whilst payday loans increase

It seems that many consumers may have switching from spending on credit card that can sometimes come with high rates...

By Reno | February 10, 2012 | Read More

Useful Tips for Credit Card Holders

Modern technology offers comfort and convenience that is often helpful for people in a fast paced everyday living. With just...

By admin | February 7, 2012 | Read More

Credit card decision by Lloyds could have serious effect on charities

For many years now, a range of leading and well known charities have been able to boost the levels of...

By Reno | January 28, 2012 | Read More

Many have to rely on credit cards to make ends meet

There was a time when people had credit cards to enable them to pay for occasional larger, more expensive items...

By Reno | January 26, 2012 | Read More

Brits increasingly dissatisfied with credit card providers

According to recent reports, Brits are becoming increasingly dissatisfied with their credit card providers, particularly in the case of the...

By Reno | January 20, 2012 | Read More