Credit Cards, Friend Or Foe
Most Americans today believe that credit cards are their enemy. This is because many of these people abuse their credit cards. They charge more than they can pay off at the end of the month. These people are constantly caught in the vicious cycle of credit card debt. But for those few who use their credit card responsibly, it can be a great benefit.
Credit card abuse has become a major problem in recent times. The average credit card carrying family is $8,367 in credit card debt. These families who do not pay off their whole credit card bill each month, pay interest rates on the remaining amount. It could be years before they pay off one large purchase. Unfortunately, credit card companies do not wait around for the young to start families before they aim for them. They target kids when they are still college students.
Companies will try anything to get college students to sign up for their card; they will even offer free t-shirts or cookies. These propaganda techniques are very successful, 54% of first-year students and 62% of second-year students own at least one credit card.
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