Mike Imbayan
EAP 2, writer’s workshop
Heidi Wright
October 5,2007
Abstract
The topic of this paper is credit card. It argues that credit cards are bad for the society. There are four reasons for this argument. Firstly, it can make people suffer. Second, people can get physical sickness. Third, it can also ruin people’s credit rating. Lastly, it can make people go bankrupt easily.
can credit cards help you or ruin you ?
Do people know that credit card can ruin someone life ?. but for some people credit card is like the power to buy everything but they don’t know the debt is getting high and will regret later on. This credit card is easy to bring around but this card is not good as it seems to be. However, this card is harmful to some people. Some people think that credit is useful but for others it is bad. Recently, people like to use this card very often but do they know that if they pay the credit card late the interest will double up.Credit cards are bad for the society because it can make people suffer from emotional, make people get a physical sickness, ruin people’s credit rating and make people bankrupt.
A credit card is “a plastic card bearing an account number assigned to a card holder with a credit limit that can be used to purchase goods and services”glossary of bankcard (n.d, para.12). This card people bring around where ever they go because it is like money. According to (Bellis,2007) credit card is a card that have identification number on it and customer will buy things without money. This card has a interest if the card is used. People can use this card everyway in the world. People need to pay this card every month and if they pay late after the due date the interest rate of this card will be more higher than the original payment. Credit card started in the
This plastic card also known as credit card really can make people go emotional sickness . In other words , it can make people suffer in life because of the debt is too much. For example, when a person get back his bill regarding his credit card and the amount is around two thousand dollars. He struggle to find money because the bill is so high and he is scared that if he don’t pay it now the interest will go up. Furthermore, some banks have interest too high until some society cannot afford. For instance, a man used his credit card and then he forget to pay on time due to some problem he had. Immediately his interest goes up to double the usual interest rate. Such as ,if his interest is 5% it will goes up until 10%. According to (Destito,2006) late payment surely will rise the interest percentage up to 30 points. This is one of the example that society need to control the credit card usage because it is dangerous for some people.
Moreover, people sometimes get physical sickness because of credit cards. One reason is stress because need to think so much about how to get more money to pay the debt. Such as, a person always complaining about his head hurts everytime when he thinks about the bill that he going to pay about his credit cards. This person is having stress problem because he need to think a way to pay all that debt around fifteen thousand dollars. Sometimes a person cannot sleep because need to think too much and this will disturb his life style also will not have much consentration in work. When someone think to much always they will got headache. Therefore, too much people are now suffering from headache , hard to sleep and stress because of credit card debt. So,credit card can make people die because of stress and this makes that credit card is not good for society.
If a person did not pay for his credit card it will ruin his credit rating. This is because all banks are connected and they will know if a person did not pay his credit card or not. This will make a problem when a person need to get a loan because he got a bad rating in credit card. For example, when a person need to open a small business like a restaurant he needs a loan to open the restaurant but if he got a bad credit rating it is imposible to get a loan from the bank. So , many bank will not accept this person to get a loan. In addition, if that person need to apply another credit card from another bank as a result he cannot get that credit card because they already know that person has a bad credit rating. Moreover, if a person needs car or a house he needs a gud credit rating. For instance, most bank will not approve a loan to a person that is bad in credit rating so this person will not go out of debt . he will always in debt eventhough his credit rating is getting better. This is bad things about credit card and so credit card is bad for the society.
Similarly, credit card can make people bankrupt. According to Heffter (2006)” for those already struggling to keep up , higher payments could push them into bankruptcy” ( para.2). this mean if someone have a big problem with their bills it might come to an end that person will be bankrupt.For instance a person did not pay that credit card surely he will be file for bankruptcy. This will make that person in lots of trouble. For example, people will not ask for your help and will not help this person because he is already bankrupt. When the person already listed as a bankrupt man he will not get away because his name is on the list of bankrupt people’s. So , this will make him hard to open a business because if someone need to open a business he or she need to get a loan but if that person already listed as bankrupt it is really hard to get a loan because he is already been bankrupt before. Since this is really bad obviously credit card is also bad because this plastic card really can make people go crazy.
Opponents of the high interest says that many banks give a low interest in credit card. Which can help people establish good credit. However, this statement is irrelevant because interest is still money and people work for money to live a nice life and not waste on something that not beneficial. For example, person work to get money and he get interest like fifty dollars a month. If the fifty dollars spent on food, it will be good because we can get satisfed on food and not on interest. Some of the interest will go up and down depending on which banks people use. But the interest makes the credit card look bad. For instance, if there is no interest in credit card maybe people will get a credit card but it is impossible because that’s a credit card rules. That is the reason bank introduce a card that can be used in different ways. Not only that , credit card itself also not good because it makes people need to use money.
In conclusion, credit card is bad because of the interest that make it worse, suffer from it, easily get physical sickness ,ruin people’s credit rating and make people bankrupt. This shows that credit can make people get worse in life . It also make people got a lot of problem in life. Not only that but people will realize that credit card is not that good as people saying about it. Credit card is so dangerous and really can make people use money without realizing it. People need to control of their money and card so that they can be successful in life. Everyone in this world want to be success but there is many different ways to reach the goal.
Reference
Bellis ,M(2007). Who invented credit card?. Inventors. Retrieved on
September 27, 2007 , from
http://inventors.about.com/od/cstartinventions/a/credit_cards.htm
Destito,R (2006,February 9). Assemblywoman destito: shady creditor tactics
could cost you money. US States News. Retrieved on September
27,2007 , from Lexis Nexis.
Glossary of bankcard (n.d) 1st
September 27, 2007 , from
http://www.1stamericancardservice.com/Glossary.html
Heffter ,E(2006,January 9). Credit-card rule changes may break your back.
Seattle times. Retrieved on September 27,2007 , from Lexis Nexis
Hudson,E; Schwartz,M(1989, November 5). Hightower’s credit card controversy.
The
Nexis.
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