Dangers of Credit Card Debt

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Authors Name: Instructors Name: Course: Date: Dangers of Credit Card Debt The use and possession of credit cards among college students is are rapidly increasing. This can be attributed to the benefits these cards have, i.e., they are very convenient, come in handy during emergencies, safer to carry around compared to cash and give a record of the purchases done for easy tracking of one’s spending. However, these benefits often come at a cost and if not careful one may get in the short term and long term financial and psychological problems. According to Fay, at least 86% of students in college possess a credit card and the average credit among these students is $4,100 (2). This statistics is concerning, and therefore college students should be aware of some of the risk associated with bad credit card debt. Credit card increases the chance of one getting into debt since one is able to spend money that they do not own. The convenience of the card tempts one to spend more and at times overspend. Borrowing without paying back increases one’s debt which causse a series of financial, psychological and health problems. These problems include depression, stress-related illnesses and to some extreme cases suicide(Irby 2). This debt may accumulate and hinder or slow one’s ability to achieve other goals in their life, e.g. trying to pay the debt will hinder one from saving. Additionally, one may end up working longer hours, and in a job, they do not like as they try to make more money to pay the debts. This may affect the time left for one to concentrate on their studies which may negatively affect the academic grades. Credit card debt also negatively impacts the

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