Use of consumer credit for purchases made by high school students in Klamath Falls, Oregon Public Deposited

http://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/08612s10n

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  • The purpose of this study was to examine the use of consumer credit by teenagers in Klamath Falls, Oregon. Data for the study were obtained from a questionnaire administered to junior and senior students in Klamath Union and Henely High Schools. Of the 295 questionnaires administered, 285 were tabulated and analyzed. The following hypotheses were tested: 1. There is no relationship between the use of teenage consumer credit and: (a) sex, (b) age of parents, (c) residence, (d) amount of weekly spending, and (e) income of parents. The following parts of hypothesis one: (a) sex, (b) age of parents, (c) residence were accepted; but parts: (d) amount of weekly spending, and (e) income of parents were rejected. 2. Items purchased with credit by male teenagers do not differ from those purchased with credit by female teenagers. This hypothesis was rejected. Of the 285 teenagers, 157 were males and 128 were females. One hundred seven were credit users and 178 were noncredit users. Sixty-four males and 43 females reported using credit. Seventy-one percent of the credit users and 88 percent of the noncredit users had $10 or less to spend weekly. The primary source of their income was from earnings outside of the home. Forty-four percent of the credit users and 26 percent of the noncredit users reported earning $500 or more from summer employment. Fifty-five percent of the credit users and 43 percent of the noncredit users saved $100 or more of their summer employment earnings. Fifty-three percent of the 285 teenagers indicated the annual income of their parent ranged from $5,000 to $14,999. The credit users came from families with higher incomes than the noncredit users. Twenty-two percent of the credit users and only six percent of the noncredit users reported annual incomes of over $15,000. Twenty-nine of the 107 credit users reported having a charge account in their own name. Seventeen of these 29 teenagers reported they had only one account. The main reason given for opening an account was to make buying easier. The most common type of credit used by the teenagers was credit cards in their parents' name. Seventy-two percent of the teenage credit users reported using this type of credit. Oil company cards and department store cards were the kinds more often used. Also under the parents' name, 28 percent had used 30-day charge accounts, 21 percent installment credit and 20 percent revolving credit. Under the teenagers' own name, both 30-day charge accounts and installment credit were used by 20 percent. Twenty males and nine females reported having charge accounts in their own name. Gasoline and clothes were the main items purchased with credit. The males reported 73 percent purchasing gasoline, 52 percent purchasing clothes, and 23 percent making car purchases with credit. Clothing was the item most females purchased with credit. Eighty- eight percent purchased clothes and 63 percent purchased gasoline. About one-half of the teenagers reported the largest amount they had charged at one time was $50 or less. The males charged larger amounts than the females. Over 50 percent of the males and only 19 percent of the females had charged over $76 at one time. Only 37 percent of the teenage credit users were required by their parents to pay for all of their credit purchases. Twenty-three percent were not required to pay for any of their credit purchases. Thirty-two percent were required to pay part of the debt. The teenagers enjoyed the convenience of using credit but they disliked paying for the interest and the purchase, and the danger of overspending.
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