Use of credit cards

2023 年 2 月 3 日 | DSE English

Someone claims that youngsters are poor in financial discipline, so even though they enter university, it is better for them not to possess any credit cards of their own. Write an article express your views about this topic.

Given the fact that university undergraduates are eager to begin their adult lives, they have long been a prime target for banks and credit card companies. At the beginning of each semester, campuses are filled with vendors to let students sign up for credit cards. Yet, the real problem is that for many of these students, this will be the first credit card they encounter. They pay little attention to interest rates, terms, and card features. The card they choose may set them up for failure right from the start.

The prevalent use of credit cards boosts consumerism and materialism among undergraduates. Few university students have good consumption habits and conduct themselves in spending. Particularly, they reached a vulnerable age to spree spending by finding hard to resist the temptation that comes with having a credit card. It encourages youngsters to spend in a carefree way and have a higher chance of developing into a shopaholic or a compulsive buyer. According to certain campus surveys, many undergraduates concede, although credit cards brings shopping convenience, it is the main push for unnecessary expenses, which has nothing to do with their genuine needs and real desires.

Use of credit cards may make undergraduates’ account badly in arrears. If the vicious circle of buying, triggered off by credit cards, goes unchecked and unsettled for its related bills continuously, debts will accrue with age. The youngsters will run into huge debts, tainting his personal credit rating. This takes a heavy toll on their future like applying for mortgage loans or business financing. From time to time, it has been reported that fresh graduates went bankruptcy because they are unable to pay for the credit cards bills. The facts reveal that not all university students have received a sound training in money ethics and credit management.

Perhaps someone might claim that it is an effective way, via the use of credit cards, to teach a young adult about the virtues of proper fiscal management and how important to establish a good track record with lenders. But this only holds for those with a strong discipline in financial management. University students are not full-fledged adults yet. They rarely monitor their credit use closely and conceive how far the repercussion of negative marks on their credit for years to come. Teenagers simply focus on what a joyful experience with use of credit cards and pay little heed to financial obligations they have to assume. Actually, credit cards stir up youngsters to lose their impulse control over buying. It puts them in more a tempting setting than a field coaching.

Many young adults end up buried in debt and damage their credit scores because they used credit cards without understanding the potential adverse effects. Once that happens, it can take years to pay off the debt and repair damaged credit. So, society had better not give undergraduates a try or, put it more precisely, offer them an unnecessary temptation to do something wrong.