Communications Essay
Most Americans today should not use credit cards because there is no responsible way to use them.
Credit cards should not be used because debt is a major problem for America, credit cards are too easy to use and therefore get consumers into trouble, and use without being informed can do irreparable damage to a consumers personal credit.
America has over 794 billion dollars in revolving credit card debt at any given time; this means that as one bill is paid a new one is accumulated. The ever recurring cycle of debt starts early and carries on for a lifetime. It starts in college, where undergraduates have a record high of 3173.00 dollars on average charged to a credit card and continues on spiraling out of control with the average senior graduating with over 4100.00 dollars in outstanding credit card debt not including student loans. It becomes a habit and fits in with their lifestyle. A family will use a credit card to cover an unexpected bill or groceries for the month and the cycle just keeps going and going; families today in America hold over 8000.00 on average in outstanding balances.
I believe that an application for a credit card should be more extensive than it is; credit that is easily acquired can hold no value with the consumer and almost asks people to be irresponsible. Consumers spend 47% more at the store when using credit because the feeling of money leaving their hands does not register with then so there can be less guilt. If banks and credit lending companies demanded that fist time credit applicants take a finance responsibility course before being approved I feel that there would be less careless spending with the use of credit. As long as people have the “I will have money to pay for it later” mindset, debt will continue to be a problem many Americans have to live with for the rest of their lives.
Another reason why most Americans should not use credit cards is because a majority of them are not properly informed about
Credit cards should not be used because debt is a major problem for America, credit cards are too easy to use and therefore get consumers into trouble, and use without being informed can do irreparable damage to a consumers personal credit.
America has over 794 billion dollars in revolving credit card debt at any given time; this means that as one bill is paid a new one is accumulated. The ever recurring cycle of debt starts early and carries on for a lifetime. It starts in college, where undergraduates have a record high of 3173.00 dollars on average charged to a credit card and continues on spiraling out of control with the average senior graduating with over 4100.00 dollars in outstanding credit card debt not including student loans. It becomes a habit and fits in with their lifestyle. A family will use a credit card to cover an unexpected bill or groceries for the month and the cycle just keeps going and going; families today in America hold over 8000.00 on average in outstanding balances.
I believe that an application for a credit card should be more extensive than it is; credit that is easily acquired can hold no value with the consumer and almost asks people to be irresponsible. Consumers spend 47% more at the store when using credit because the feeling of money leaving their hands does not register with then so there can be less guilt. If banks and credit lending companies demanded that fist time credit applicants take a finance responsibility course before being approved I feel that there would be less careless spending with the use of credit. As long as people have the “I will have money to pay for it later” mindset, debt will continue to be a problem many Americans have to live with for the rest of their lives.
Another reason why most Americans should not use credit cards is because a majority of them are not properly informed about