According to Lubie Grujicic in “Financial responsibility for all: a myth or reality?” It states that as a society we all have to be financially responsible or when it comes to credit or spending. People’s lack of knowledge, credit card companies’ unclear explanations, and banks” misrepresentations are the reasons that involve in the financial problems of people. It also suggests the governments need to find way to help people understand the negative consequences easily. In addition, the President and the Congress can also dedicate to improve the borrowing crisis.
This article states that many young people get trouble of using too much credit cards without knowing the detailed information about payment options. In society, many young people cannot wait to set up the credit card to earned credit of it. Most of them do not really sure about what the interest rate or late fee are. Of course, they do not really get help from other professional people. Since they get involved in it, they cannot stop spending money so that they are in debt and cannot afford to pay off it. To prevent young people credit card debt, it is best to avoid purchasing high-end luxury items. Since credit cards carry interest, an expensive item can end up costing a lot more if it is not repaid soon. Student credit card debt can be prevented by using it only enough to prevent inactivity fees or for emergency purposes only.
In my country, young people also have trouble using too much credit card. They are in debt before they graduate from college. It seems to be a big problem, because they have pressure to repay the debt. After that, they feel exhausted and have no power to study, which is really bad for college students.