The Social Impacts Of The Growing Credit Card-dependent Population

Nowadays, credit cards appear to be a prevalent symbol of economic and social class. Some people regard those who have credit cards as well-off. But in looking at the nature and logic of these credit cards it may appear clearly that these are but card representations of a person’s dues, debts and credits to different banks. Thus, these cards can also give an idea on how deep a person’s debt is. Instead of being a good symbol of high social and economic status, a credit card actually symbolizes debt which can make people broke. Considering this, why do more and more people continue to utilize it everyday even in the simplest and smallest purchases?

In a lot of ways, credit cards appear to be very helpful. A shopaholic who had wanted so much to purchase a gadget can just simply make his or her credit card be swiped, and the dream gadget would immediately be a reality. However, although purchasing products and services through credit cards may appear to be this simple, it surely has several drawbacks. Credit cards are actually very good temptations that drive people to go beyond the purchasing capabilities of their budgets resulting to unpaid debts. This can be because of the illusion that they can buy whatever they want to purchase without spending cash. The hidden truth there is that they would pay a greater amount later on because of the taxes, finance charges and other banking fees. In relation to this, credit cards also push some to become irresponsible in managing their expenses and budgets.

Although these impacts may appear to be on the individual level, when all these individuals are put together in a large group, say, a society, this surely will create a drastic effect.  Considering the financial crisis being experienced by the United States today, this predicament can also be examined through this simple problem, because as how it appears, this individual dilemma may indeed affect the larger group from which these individuals belong.

Indeed in several ways credit card may seem to be very helpful and convenient; however, this usefulness must also be dealt with responsibility and efficient management in order not to suffer major financial crisis that nobody ever wants to go through.