Credit Card, Enemy or Friend of College Students

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Recommended: aDVANTAGES AND DISADVANTAGES OF HAVING A CREDIT CARD IN SHORT WORDS

However mediocre it may appear, it is the most marvelous plastic ever invented. It can act as a cash substitute when you do shopping. It can give you financial assistance by lending you money whenever you are short of funds. It is today’s the most popular payment method – credit cards. Yet, does it mean that credit card can be a friend with every adult? While people are praising the unique conveniences of credit card, we should not neglect its countless drawbacks that could destroy a college students’ life, including turning college student’s life into a lavish one, leading to bankruptcy soon after graduation and psychological harm caused by the snowball debts.
Firstly, buy-now-pay-later philosophy has been widespread among youth and colleges students who are inexperience, as a marketing strategy of credit-card industry. “Students, like many consumers, often buy items that they do not necessarily need but simply want because they are available and appealing. (Levesque Ware, 2002, p. 108) Thanks to the long interest free repayment period, credit cards turn students to be overspending and a lavish lifestyle because students enjoy the financing liberty given by credit card but few of them take serious consideration on the maintenance of budget. According to the Opinion Survey on Credit Debt and Payment Plans (Chung & Pang, 2013), there are 73% and 57% of people do not notice the interest rate of cash advance and unsettled retail purchase respectively. Moreover, the survey results showed that people owned 3.8 credit cards on average and 30 credit cards at most while more than 50% of respondents insist to go on a journey and to purchase the newest smartphone even they run into debts. The surveys showed that people do not be aware of my...

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...Consultation Group (Hong Kong Trader, 2012). With the prevalence of the online shopping, cardholders’ informtation can be easily stolen by criminals as a result, these unfortunates may have to bear an enormous amont of unidentified debts.
In sum, tempted by the many benefits provided by credit providers, young adults tend to shop with their credit cards to the fullest, as if they have forgotten tha theu will need to pay the bills someday. As soon, students lifestyle turn into lavish one and may get dangerous to trap into bankruptcy and causing serious impact to students’ psychological health condition. It is no dount that self-disciplined people may benefit from credits care by using it wisely. For innocent and vulnerable college students, the defects of credit card actually outweigh its merit and that credit cards is a friend of every adults is beyond dispute.

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