The invention of the credit card has brought along much convenience to modern life. However, this added ‘convenience’ has also spun off problems such as compulsive shopping and irresponsible spending. Today, more and more people are addicted to the habit of spending on credit, without any thoughts on how to pay it back.
Write an essay on this alarming and worrisome trend. Describe what make people fall victim to this addiction and suggest some ways to help them get out of this self-destructive habit.
High time for intelligent use of credit cards
She is at the age of twenty two and has just graduated from university. Due to the economic downturn, she cannot find any jobs. Yet, she has to pay off a debt of $50,000 every month because of the ten credit cards in her wallet. She is not alone though. Alongside her are myriads of people who have tragically become one of the growing number of victims of credit card addiction. They may bear a huge debt before they can earn a living. This adds an additional burden to them. To settle their debt, some may resort to crime or even commit suicide. This alarming and worrying trend deserves our investigation.
To commence with, the credit card is a magnet to many people, if not all, due to the superiority brought to the users. It is believed that almost everyone dreamed of being a princess or a prince, who can have whatever they want in their childhood. At best, the credit card companies help their customers to fulfill their dreams. At worst, they make use of the customers’ dream to sell their products or even lead them to fall into the trap in which the customers may be obsessed with spending on impulse. A credit card company uses ‘With cards, with the world’ as its slogan. Another uses ‘honorable customers’ to describe its customers and give them a sense of ascendancy. Many others use similar tactics to make use of human’s common characteristic – a desire for being superior to others. With credit cards , people can buy whatever they like with no limit as they can apply for infinite numbers of credit cards. They can have whatever they want without a need to consider their monthly salary. People without strong willpower are prone to the attraction of credit cards and will easily be hooked on credit card spending by applying for more and more credit cards. An inevitable corollary is that these people will have to bear a huge debt for the rest of their lives.
Apart from the advertising tactics, the way how credit cards function also contributes to the problem. With a credit card, people can have the goods purchased prior to paying for them. It gives an illusion that people can buy at no cost at present. Even for people who do not have the financial ability to pay for the product, it is a common practice that people pay by credit cards for the goods they desire. After all, people are greedy for more and more. Especially in those developed countries in which materialism is prevalent, the problem of credit cards is even more serious. For those less mature cardholders or youngsters at their tender age, they may be misled and ignore the possible consequences of using credit cards. To them, credit cards is a godsend rather than a plague. They have no or very weak immunity to credit cards and hence, the problem is resulted.
A further factor which leads to the abuse of credit cards is the immature thinking of the credit-card-obsessed people. Although the aforementioned factors also lead to their misuse of credit cards, they themselves are the one deciding whether to apply for or use the credits cards. Even though credit cards are so attractive to them, especially under the promotion of credit card companies, they still have the freedom to choose. If they can consider the result of using credit cards or the plight of bearing debt more thoroughly, they can make wiser decision. After all, they are the decision makers and no one can force them to do what they are against.
No matter what, credit cards do bring some advantages and convenience to people. Yet, they also bring about problems to society. It is an indisputable fact to help people who have fallen victim to credit card addiction get out of the self-destructive habit. The government and the family members of the addicts play a pivotal role.
First of all, the government should increase its effort in education. Emphasizing the consequences of overusing the credit card is effective in warning the cardholders. Moreover, a possible way is to put up signs in the major shopping malls, where people are found to be shopping crazily with credit cards. The sign can remind people of the need for intelligent consumption. In addition, legislation can be a way to protect the consumers. For example, setting the upper limit of the number of credit cards each person can apply for or raising the minimum age requirement for application of credit cards to ensure that people possessing the cards are mature enough.
As a matter of fact, credit card addiction is a kind of illness and people just cannot control their behaviour. Some people may feel depressed in their jobs or studies and so turn to credit cards to release their pressure. In this case, unfailing support from family is the best solution. Also, it is suggested that people should be aware of their family members’ consumption behaviour. Once they find their family members use their credit cards inappropriately, they should take prompt action to warn them. If necessary, they should be advised to seek help from professionals.
All in al, credit cards are just tools to bring convenience and they should never be the master of our life or add burden to us. Hence, it is high time for you to be an intelligent credit card user and master your card.