Discussion-of-students-possessing-credit-cards

DiscussionofstudentspossessingcreditcardsArecentquestionnairesurveyshowedthatabout60percentofuniversitystudentsaroundtheworldholdsomekindofcreditcard.Anddifferentpeoplehavedifferentopinionsaboutthephenomenonofuniversitystudentsholdingthecreditcard.Somepeoplethinkthatuniversitystudentsliketopossessacreditcard.Thecardcanmaketheuniversitystudentsthinkthattheyareindependentfromtheirparents,theyneedn’tdemandeverythingfromtheirfamiliesanymore.Besides,owningandusingacreditcardcangivestudentsimportantearlytraininginmanagingtheirfinancialaffairs.Foraexample,thestudentwhohaslearnedtouseacardinaresponsiblewayattheageofeighteenornineteenislesslikelytogetintoseriousdebtproblemslaterinlife,whentheywillhaveothercommitmentstofundsuchasmortgagerepayments.What’smore,animportantandoftenoverlookedfactoristhatahighproportionofstudentsusethecardintelligentlyandflexiblytotakeadvantageofthebestdealsonoffer,suchasbuyingbooksandeducationalsoftwaretohelpparentstomeetthehighcostsaffordedtothestudents.Buteverycoinhastwosides.Otherpeoplelistsomedisadvantagesofthecreditcard.Firstly,amongthestudentswhoholdsomekindofcreditcard,slightlylessthan20percenthadacreditdebtofUS$5000ormore,buttheaveragedebtisalittlemorethanUS$1000.Afteradministeringthequestionnaire,theexpertsheldinterviewswithselectedstudentsandfoundthatacommonfactoramongalltheintervieweeswasahighlevelofanxietyaboutpayingofftheloan.Someintervieweesreportedthattheylostsleepoverrepaymentsandothersadmittedthattheyfeltdepressedabouttheirdebts.Anotherobviousproblemcausedbypermittingstudentstoholdcreditcardisthattheygetintodebtandiftheirparentscan’thelpthemtorepaythedebt,universitystudentsmaybeforcedtotakeonpart-timework.Asaresult,lotsoftimeandenergythatshouldhavebeengoingintostudyingwillbewastedonotherthing.Inmyopinion,universitystudentsholdingthecreditcardhasboththeadvantagesanddisadvantages.SoIthinkuniversitystudentsshouldusethecreditcardproperlyandintelligently.Creditcardisconvenientforthestudentstobuyeverythingtheylike.Butbeforetheydothis,theyshouldthinkofthatwhethertheircreditcardcanaffordthecost,ortheymighthaveacreditdebt.Iftheycan’taffordthecost,they’dbettergiveuptheirdecisiontobuyclothes,popmusicorconcerttickets.Andiftheywanttobuysomethingthattheycan’taffordnow,theyshouldlearntosavemoneyinadvance.Barker,S.(2002).Theeffectsofpart-timeworkonstudentsstudy.AssociationforStudentWelfarenewsletter20,8-11.Brown,A.N.(1999).Creditcardsandstudents.BankingMonthly18(4),39-45.WorldFederationofEducationalRetailers.(2004).Studentspendingpatterns.RetrievedfromWorldWideWebOctober12,2005:(2002).Asurveyofindebtednessamonguniversitystudents.RetrievedfromWorldWideWebJune8,2005.