Why? It was a great way to learn financial responsibility and start building a credit history. I have never gone a month without paying the balance off in full, so it seemed to serve me well.
People jumping into credit late in life as an adult without any teachings on how to properly manage their financials is the greater problem here.
Why? Because one needs to be 18 to legally sign a contract.
If you had a credit card before 18, that means you were added on your parents account as an authorized user and you were piggybacking off of their credit history.
The greater problem here is that credit cards exist in the first place.
How is it a problem that credit cards exist? Credit cards are incredibly useful for two reasons, IMHO.
1. It's like having a proxy between your actual accounts and your purchasing. A stolen credit card is annoying and easy to rectify. A stolen debit card is terrifying.
2. Sometimes in life, an expense arises that exceeds both income and savings. When this happens, we either pay with credit (of some kind), we don't meet our financial responsibilities, or we go without. Sometimes the best option is to go without. When that is not possible, the credit card is a good answer. Pay off your balance responsibly and as quickly as possible and either save more in the future or be prepared to pay interest again.
Credit cards are a short-term loan which doesn't require approval for every stupid minutiae. Ever signed a loan? Takes a bit of setup. Imagine doing that while paying for fast food. Pain in the ass. Take it for what it was meant to be: a loan system. Saying "credit cards exist is a problem" is like saying the concept of loaning money is bad, which I will handily point you to for-profit startups and non-profits that all either make or use loans to bring about positive change.
> The greater problem here is that credit cards exist in the first place.
Perhaps in the recent age of debit cards, but credit cards filled a massive void in the usability of cash. And it is often still more convenient to manage your money transfers after the fact.
I just don't get the negativity. They're a great tool when used appropriately. You can't really fault the tool if people use it inappropriately.
People jumping into credit late in life as an adult without any teachings on how to properly manage their financials is the greater problem here.