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Credit Card, Enemy Or Friend Of College Students

1165 words - 5 pages

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 myriad of tragedies that may arise from debts and it act like “free money” rather than loans that people carry obligations to repay. According to the survey done by Hong Kong Youth and Tertiary Students Association (as cited at SingTao, 2005), 90% of university students are doing part-time jobs to support academic and daily expense but it is still very difficult for students to repay the credit cards’ debts even they worked 15 hours per week. Since up to ten thousands credit limits are offered by numerous credit-cards company, as a result, students keep ahead on spending future money and develop an improper sense of security.
Secondly, increasing numbers of college students have to declare bankruptcy because of inability to clear the amass levels of debts. When students find that they cannot afford to repay the debts, they will simply obtain new loads to repay old debts. Their total debts will, as a result, snowball. In Hong Kong, college students are targeted as having future earnings and potential spending power, thus, they can easily own a credit card by filling few pages of standardized form. Take the offer of student credit cards in City University of Hong Kong as an example, there are ranges of bountiful offers to...

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