Essay Title: 

Students addicted to Credit Cards

April 3, 2016 | Author: | Posted in economics, mathematics and economics

Credit Card Debt Issues

When it comes to the issue of credit card debt , no group gets hammered more when it comes to racking up debt upon debt more than college students . College students simply do not show fiscal restraint when it comes to credit debt and this is a major reason why credit card companies will target students . While this is a somewhat unethical approach to business , it has long since proven a successful business practices for the lenders because students are not aware that they are paying incredibly high interest [banner_entry_middle]

rates in to perpetually purchase luxury items that they really do not need . So , in that regard , one could make a credible argument that the reason students rack up such debt is because they are psychologically addicted to consumerism and this addiction is not balanced by an understanding of the financial consequences revolving around high credit debt

No one wants to have less than someone else . While having want or desire in regards to basic necessities such as food , shelter and clothing is a complicated issue , the desire to want items and things that are of status and luxury have a more seductive quality to them . The reason for this is that when it comes to items of necessity such as food , we do reach a limit at some point to where we are full ‘ While some people are gluttonous by nature , most individuals know when to say when in regards to eating . When the item at hand is a DVD collection , the ability to say when ‘ becomes somewhat murky because there are a number of media influences that press the concept that owning the largest , most expansive DVD collection is the thing to have . When it comes to luxury , there are perceivably no limits . Or so it would seem

Credit Card Debt Page 2

Students do not realize that the interest rates that are associated with credit cards that target students are much higher than what one would normally pay . Since the students are not aware of lower interest rates nor are more reasonable credit card companies targeting students (and with good reason – fear of default ) so the students swallow up these cards , which are primarily pre-approved cards that are provided knowing full well that the students will quickly amass huge debts after a series of spending sprees that will eventually be paid off by the students parents

Again , the true villain here is the psychological reaction college students have towards material things . Far too often , a person is judged based on the external as opposed to more substantial means . Because of this , there is a `need ‘ on the part of the students to wallow in material items that will bring a sense of outward self worth (There is no conceivable way these items can create internal self worth . If anything , love for such material items will reinforce a lack of self esteem ) Ultimately , the question needs to be asked , what is a student to do… [banner_entry_footer]

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