Credit Card Debt

In: English and Literature

Submitted By 021299
Words 779
Pages 4
Proposing a solution to Credit Card Debt

Credit cards have become a very familiar feature to our life style that it is difficult to imagine a

world functioning without them. Credit cards are the most convenient type of payments. The

craze of the credit card industry has affected everyone in the world. That could be why Credit

card debt is the cause of over one million bankruptcies each year. The reason is that many people

get a credit card without reading the fine print before signing for them. By the time annual fees

are added on, along with spending needlessly, payments are missed; your balance has already

reached its maximum limit. Also in some cases a Lack of knowledge is likely due to a lack of

education about personal finances. Almost all students on college campuses report that they are

likely to ask their parents questions about finances. However, 30 percent also say that their

parents have not discussed such issues as setting financial goals or the importance of savings

with them. Students also aren't learning about money in school. Although 62 percent of students

reported that they had been offered a personal finance class, only a third of those offered a class

actually took it (Norvilitis p 356).

Although we all like to place the blame on the credit cards and the credit card companies we

need to keep in mind that the real cause of our financial mess is us. It is usually a pattern of

unneeded shopping sprees that consists of gradually increasing purchases that add up to a large

debt. Plastic has become the normal way of paying, while many consumers are using their credit

cards responsibly, some are just simply irresponsible when it comes to manage credit card

charges correctly. Many consumers have a tendency to over spend more than they can afford. If

you cannot afford…...

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