The Damage Of Credit Cards

Many people in the world today have a credit card. People think credit cards is way of having what they want now. Credit cards can cause problems in the life of a person. Being irresponsible, credit score, and stress are three reasons why a person does not need to own a credit card. A problem many people have with credit cards is exceeding the credit card limit. When a person exceeds the limit on a card, the person will be charged fees. The credit card can be rejected at a store, if a person exceeds the card limit (Bell, par.33). Teens may have trouble managing a credit card and run the bill up on the card, causing them to be in debt (Gorman, 23). Many people think credit cards is just another bank account that has no limit. Many people with …show more content…
One reason many people have lower credit is because they abuse credit cards. Late payments, charge-offs, and debt is all on a credit history report (Brown, 63). When the Credit Agency get notified of any late payments a person will see a drop in his or her credit score (Bell, par.25) (Biberdorf, par.9). When a credit card bill is not paid on time, a person will have higher interest rates (Biberdorf, par 5). Not paying a credit card on time will also lower a credit score. All it takes is one late payment and the score will go down. Another reason for the damage to a credit score is because a person files for bankruptcy. Bankruptcy cam stay on a credit report for seven to ten years (Botkin, par.1). A person would not have to file bankruptcy for credit cards, if he or she does not exceed the limit on the card and does not pay the bill or if the person does not own a credit card. Lowering a credit score and damage to credit history can be done, when a person does not pay a billon time or files for …show more content…
Financial stress can also be caused by student loans and not having an emergency fund, when they can only make ends meet (“Financial Stress and Your Health,” par.5-6). Financial stress can also affect the job of a person. Health problems that can come from financial stress is anxiety, depression, stress and anger (“Financial Stress and Your Health,” 8-9) (“The Emotional Effects of Debt,” par.7) (“The Emotional Effects of Debt,” par 9-10). When people becomes depresses they can close everyone off, not get out bed, turn to alcohol or drugs, or commit suicide (“The Emotional Effects of Debt,” par, 10). A person who experiences financial stress can experience eating habits, sleeping problems, heart attack or heart disease. A person may not be able to fully function throughout the day, due to financial stress. Weight gain or weight loss and blood pressure problems can also be a cause of financial stress (“Financial Stress and Your Health,” par. 11). Financial stress can cause a person to be angry with other people, because he or she is in debt (“The Emotional Effects of Debt,”par.9). A person who experiences financial stress can commit suicide. A person who has a credit cards should get rid of the card because it is not worth risking his or her health