Credit card companies often strategically target college students by advertising their credit cards on campuses, aiming at one of the most financially vulnerable groups in the country. Despite the widespread knowledge about the dangers of accumulating credit card debt, many students still find themselves ensnared in this cycle, preventing them from achieving complete financial freedom.
This may occur because some individuals believe that debt is an inevitable aspect of modern life and therefore consider carrying a bit of debt inconsequential. They might argue that unforeseen events, like unexpected medical expenses or emergencies, are difficult to predict and manage, necessitating access to credit. In addition, some may think that debt is manageable and doesn’t hinder financial progress. However, for most, debt becomes a barrier, impeding their ability to wield complete control over their income.
While society emphasizes the necessity of credit for participation, the responsible use of credit cards to build a credit score is suitable only for individuals with genuine fiscal responsibility. The ideal method involves using credit cards for purchases that one can already afford with cash and paying the balance of the card in full at the end of each pay period. Every purchase has to be intentional and thought out. It is an unfortunate truth that credit cards enable us to live beyond our means, a trap that is hard to get out of. We can quickly get used to lifestyles that could ultimately prevent our ability to control our money and have a chance of retiring.
