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Why Americans Should Not Use Credit Cards

1121 words - 5 pages

There Should Not Credit Cards

Today many people blame their credit card debt on the economy. With their being so little employment with very little income; we are forced to live under our means. Credit is usually misused and accumulates large amounts of debt. Many people use credit cards for daily expenses or to buy their wants rather their needs. Often times, credit cards are used to pay rent, utilities and other daily expenses due to people living off of paycheck to paycheck and do not make enough money to pay their monthly bills to buy necessities. Some people may use credit cards to keep up their material social statuses amongst their peers. Other people have some sort of ...view middle of the document...

This tends to be a large factor in the issues of credit card debt. Not knowing to take responsibility for your actions can make a bad decision worse. You get caught up in the moment of shopping until you suffer the consequences. Then you want to go back and fix it. We do not all think about how the bill will be paid the next month when it comes. It is not something that we are taught its mandatory value. With so many credit card companies in this world with different rates, fees, interest rates, and annual fees, how can one keep up with remembering to not only pay the monthly bill but what also accumulate on a monthly basis?

Credit Card Debt Can Lead to Financial Stress
Credit cards and large amounts of financial debt can create an enormous amount of stress. This amount of stress can damage a person’s psychological wellbeing. In a study made for college students with credit card stress, students often complained about enduring anxiety, having to drop out of school, filing for bankruptcy, working multiples jobs or working unspoken jobs that just to get them partially through the door. But these have the have been the best solutions for those who can handle stress well, especially stress along with going to school. Unfortunately there have been worse cases in the researched study. There are a lot of student suicides that are linked to credit card debt. One of these cases was about a young man in 1999; named Sean O’Donnell who committed suicide at the age of twenty-two when he found that he was $10,000 in debt. While attending school, Sean had taken on two jobs trying to get his bills under control. His financial mess took its toll on him and he could do no more. A week before taking his life, Sean went to his parents for help and his parents were so surprised at the amount of debt he tallied up. His parents did not have an extra $10,000 to help him. (Mannix, Margaret 1999 pg. 89). This is an increasing issue in America that is acquiring dire consequences.

In closing, credit cards are not dangerous. It is the companies that provide the credit cards. Although it is our duty to educate ourselves;...

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