Credit Card Responsibility

                                                                 by: Charly Oscanoa '16

             Credit cards are heavily valued by young adults; but based solely on statistics; can they be proven to be beneficial or detrimental? Can a piece of plastic hold potential in influencing basic human character and behavior? Credit cards have long appeared to be indicators of economic freedom and superiority, but their image has quickly become tainted by the abuse they receive. According to a recent survey, 30% of the participants received their first credit card while in high school. This occurs typically as a result of their parents’ belief in teaching responsibility and independence while delivering a taste of the outside world. Ironically, those who received one during high school felt that they were prepared, whereas those who were not handed such responsibility believed that they were unprepared. This poses a question; does a credit card carry an effect on basic human behavior in socioeconomic terms?

            Culled from a recent survey is the fact that the majority, about 70%, of the respondents had received their credit card after high school. However, 90% of the respondents reported that they focused their spending on wants or desires rather than on things that promoted productivity. This ironic but understandable trend can be explained by the basic human mindset of seeking to satisfy one’s desires. These desires can range from beauty products and accessories to swords, but all are just subjective opinions of how money could be spent.

80% of the respondents claim to be frugal or wise in their spending but 62.5% of these individuals also stated they focused on wants. Could this group of frugal individuals purchase items at a small degree but still buy what they want? No one can be quite sure since this is an interpretation of an objective piece of data drawn from unique subjective ideas. The remaining 20% of the respondents admitted being spenders and were, not surprisingly, the high school students who felt prepared of such a responsibility. As expected, this group also said that they focused more on wants rather that needs.

            Generally credit cards are regarded as a convenience because of the facilitation they create in financial affairs. Although credit cards may replace the wad of cash in your pocket, their potential of being overused is strikingly high. They do indeed symbolize independence but can only become exemplary if the cardholder behaves as one who can maintain oneself.