When you give a kid a credit card, expect trouble. That’s proving to be the universal truth as credit card use explodes across the globe.
Case in point: A recent Burson-Marsteller survey revealed that in Saudi Arabia, 52 percent of its 18 to 24 year olds are struggling with credit card debt. The survey included both Arab nationals and Arab expatriates. Given the growth of credit cards in Saudi Arabia, it’s no surprise that young adults participated in their popularity. According to ArabianBusiness.com, the number of credit cards issued in that country rose 104 percent between 2003 and 2008 to 12.3 million.