Credit Card Debt

Most Americans should not use credit cards

Marquita Scott

Com/156

September 10, 2011

Patrick Misiti

Today many Americans complain that their credit card debt is based on the economic crisis which is better known as the economic recession. So because of this many Credit cards are being misused in many ways. So in return this creates a large amount of financial debt.

When Americans use credit cards they must remember that not only do they have to pay the balance back, but the monthly fees have to be paid off as well and that these monthly fees will accrue on a monthly basis.

Many Americans uses credit cards for their daily activities or to buy their wants rather than their needs. Most Americans are living paycheck to paycheck because they do not make enough money to pay their bills and they also do not make enough money to buy the necessities for their families. Other Americans uses credit cards to keep up with the next family they see living above their means. Americans also have social and media influences that make them want to use their credit cards for fun and leisure time expenses. Financial stupidity or hardship also plays a role in the credit card debt issues of Americans today. Many Americans fail at managing their credit card debt because they do not take full responsibility for their poor financial decisions. So this in return makes matters worst. While Americans get all wrapped up in spending with their credit cards that they do not realize that the spending with their credit cards have consequences until the monthly bill rolls around and then the thought of the bill is then taken into consideration. Credit card debt usually accrues within the younger generation or crowd before they can be educated about credit cards and the experiences with them. It is a known fact that most Americans accumulate credit cards debt while in college. With this in mind, College students hold on average of $2,200 in credit card debt (Lazarony,...