How Do College Students Use Credit Cards Self-Efficacy?

The purpose of this article being summarized is to look at USA college students to examine if they are misusing credit cards willingly due to their credit card knowledge and social motivation and what effects those have on the students. This article says credit cards have been one of the most accepted and widely used payment options, while also shaping and supporting lifestyles. It says college students have been a large part of the market and a big size of the number of people to use credit cards. The number of college students to have credit cards and the amount of debt that was owed was reduced because of the Credit Card Act in 2009. The act was meant to diminish how many credit cards were issued to college students. The misuse of credit cards is referred to as spending …show more content…
This paper refers to how some college students think they can control what they spend using credit cards as self-efficacy. The article also says that self-efficacy had a bad effect on college students when it came to spending too much on credit cards. This article suggests that you cannot only have financial knowledge when you want better financial behavior. This article says that much information is needed to use credit cards effectively. It also says that many people are coming to realize that they need help. When they get credit card training they will be more responsible with their money. This still does not diminish using credit cards incorrectly and drop the debt when this is realized. This article states that knowing about credit cards impacts college students on how they misuse their credit cards. This is also found in other studies about how college students misuse their credit cards. There are many Americans that do not know how to take care of their money and because of this, they do not know if they are in a bad situation financially so they tend to spend much more money on their credit