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...

Find Another Essay On Credit Card, Enemy or Friend of College Students

Barbie: Feminism's Best Friend or Worst Enemy

961 words - 4 pages Barbie: Feminism's Best Friend or Worst Enemy Ask any five year old American girl who Barbie is and she will most likely run into her bedroom and grab Barbie off the shelf. She will frill up her mini skirt and try to make her walk in her tiny plastic heels. Excitedly, she will hold her up for you to admire. A tiny miniature woman will stand in front of you, only about six inches tall. Her long blonde hair accents her sparkling blue

Improving the Health of College Students

1454 words - 6 pages ” (Total Health). To do so, I propose that it become a general studies requirement for all American college students to take a minimum of 4 credit hours of physical education classes before they can graduate. I believe that all universities and colleges need to offer more nutrition and fitness classes. Taking care of your body is just as important as filling your mind with knowledge. I feel that this would be very beneficial to college students to

Impacts of Service-Learning on College Students

1699 words - 7 pages United States and institutions internationally. The reason this functional area is becoming ever popular is due to the positive impact it has on students and most all educational outcomes. Service-learning is considered both academic and co-curricular. Academic service learning is credit bearing and co-curricular being non-credit bearing. There have been several definitions of service-learning established, all by reputable authors in the field

Effects of Binge Drinking on College Students

696 words - 3 pages to high school, or dislike of a professor can also affect class performance and are not necessarily associated with alcohol consumption. The Reflection of Grades and Use of Alcohol among College Students A study conducted at the University of Berkeley shows the conversion of 1, 250 students in high school becoming a college student at Berkeley into their junior year as stated in this article. They were each given a survey to put them into

The Effects of Alcohol on College Students

768 words - 3 pages severe adverse health problems such as cirrhosis, cancers, cardiac diseases, skin diseases, gastritis and sexual dysfunction as well as a number o other irreversible neurological and psychological heath conditions (Perera)." Alcohol consumption and alcohol related incidents can even lead to death!"The consequences of excessive and underage drinking affect virtually all college campuses, college communities, and college students, whether he or she

The effects of alcohol in College Students

1436 words - 6 pages some point during their college career” (304). It is clear that sexual aggression is an issue that affects every college student, whether he or she is drinking or not. Due to the heightened sexual aggression associated with intoxication, certain levels of alcohol in the body can increase the possibility of an unwanted encounter. Most students see drinking games as a social situation to relax and possibly meet some people, so most people do not

Travel Through the Eyes of College Students

1141 words - 5 pages the miserable parts which are always present. Although 83% believe travel to be an essential part of life, Andrew Blansett, a super-senior political science major, believes travel to be very important, just not essential, in life. I find this response to be favorable over true or false and think most of those who responded would agree. Studying abroad is quite popular among college students so it is a perfect outlet to gain knowledge on how they

the attitudes of college students toward slimming

1847 words - 7 pages Jiaqi, Feng Jun. 2014 The attitudes of college students toward losing weight PAGE 7 The attitudes of college students toward slimming:Report of a Questionnaire StudyIntroductionSlimming, often known as weight loss, in the context of medicine, health, or physical fitness is a reduction of the total body mass, due to a mean loss of fluid, body fat or adipose tissue. Over the past few years there has been a "slimming revolution", with the rapid

Instant Messaging: Friend or Foe of Student Writing?

2079 words - 8 pages Instant Messaging: Friend or Foe of Student Writing? Introduction With the commercial advent of the Internet and cell phones in the late 1990’s, technologies such as instant messaging (IM) and text messaging (TM) have achieved increasing prevalence in our society. These types of messaging technologies are widely used among adolescents today. To cite just one personal example of this widespread usage, my friend’s daughter, who is now 11 and

Investigating the Implementation of Magnetic Access Control Card Security System within the Swaziland College of Technology Community

1428 words - 6 pages Nottingham and Florida State University. Smart cards provide proof of identification for the Nottingham University students’ union and membership, voting in the student’ union elections and obtaining student discounts on or off campus (Sivalingam, 2009). According to Lambrinoudakis, (2000), smart card access control system controls access to facilities or services offered by the institute such as libraries and resident areas. Based on a survey

Essential values of college students in the 21st century

981 words - 4 pages … better described as acquaintances" (Holson).Also college students that meet for the first time seem to hype themselves rather quickly. A woman who met a guy on a Saturday night accepted his friend request on Facebook because the guy seemed very young and handsome from that one time they met. Sometimes this leads to a disappointment. "It was a turnoff, not only did he have too many friends by her standards 65, but 90 percent of them were

Similar Essays

Credit Card Debt Among College Students

2385 words - 10 pages the negotiations seek to strike a balance that will create positive spending habits, implement a change in industry policy, and decrease the burden of debt that many college students find themselves in. As young people begin their transition into university life there is reason to suggest that the lack of financial literacy provided through public or private education has caused an increase in debt for the demographic. However, credit card debt

Credit Card Marketing On College Campuses

584 words - 2 pages documentary Maxed Out (2006), credit card companies prey on uneducated adults who more than likely not pay their bill on time. This guarantees them max profit whether it is paid by consumer or companies that buy debt. Students are graduating with an enormous amount to debt. This is a perfect reason to stop marketing credit cards on college campuses. The average outstanding balance on graduate student credit cards is $8,612, an increase of 10% from

The Negative Impact On College Students With Credit Cards

1311 words - 5 pages debt on time as well as the credit card companies that harass college students daily. Sadly, the companies could care less about the holes they are allowing the students to put themselves in. The easier credit for students to get a hold of allows for worse outcomes on them. The simple thought to come up with free gifts or a large credit limit, in order to attract college students is a disaster waiting to happen and it should not be allowed on

Yes Or No To A Credit Card?

957 words - 4 pages knowledge and skills, a prestigious degree, key contacts and relationships, and an enormous amount of credit card debt” (Kimbro). Students are having a hard time paying it off so they start asking their parents for help. Some parents never think that their son or daughter is going to be in debt instead they think of other problems like drugs, sex, and drinking. However, credit card debt is a problem among college students, but should they a