60 Unit 02 Big bucks or no dough? Expand your vocabulary: Money matters Complete the text with words from the box. There are two extra words that you should not use. account charges donating financial go into interest loans mortgage overspending payments regulations repay savings settle strains Young people and credit card debt Consumerism is as American as apple pie, and for millions of Americans, so is credit card debt. While this type of debt (1) people’s finances across generations, it is often seen as a problem only young people have, and it is blamed on their consumerism and (2) . In reality, credit card companies have a history of taking advantage of young people who have little (3) experience. In order to protect young people from the harmful practices of credit card companies, federal (4) have been put in place, but young people still struggle with personal debt. When young people (5) debt, in many cases, it is often because of student (6) which young people take out in order to pay tuition fees. However, data shows that credit card debt is also a major financial problem for many young people. In 2019, the rate of credit card balances that were in ‘serious delinquency’ – meaning (7) were at least 90 days past due – for Americans between 18–29 years old hit an eight-year high. To make matters worse, you have to pay extra (8) when you don’t pay your credit card bills on time, which will result in even more debt for these young people. It is no surprise that many young people now say that debt stands in the way of planning for the future. They worry that they will never have any (9) because all the money they earn will be needed to pay (10) on their loans and, if they are lucky, eventually (11) their loans and (12) their debts. A (13) for a house of their own is only a dream for most of them. Is it any wonder that so many of them are feeling stressed and depressed? LANGUAGE 1 Key Nur zu Prüfzwecken – Eigentum des Verlags öbv
RkJQdWJsaXNoZXIy ODE3MDE=