Credit Card Destruction Essay

Credit Cards Leading to Destruction
These days, almost anyone and everyone cannot find equilibrium between their income and spending. When people want more than they can afford, they lean towards credit cards. Instant gratification permeates American society, and most people want things “right now”; this is when a credit card becomes very convenient. This article 4 Easy Ways to Overcome Instant Gratification, very well explains most peoples outlook about this topic and how easy it is use credit cards, which states, “People unconsciously give into the mindset of instant gratification, because it takes little discipline and a credit card is very easy to obtain. Even when a person tells themselves they will only use it for emergencies or for things they really need, temptation and want takes over the majority of the time and unconsciously instant gratification comes into play.” (Wojcik, Caleb). This attitude that most Americans have in this day and age is causing major debt, thus relating to financial destruction.
The leading cause of credit card debt is the reduction in income along with same spending habits. This cause is synonymous with the idea of instant gratification. Our economy is at an all time low, which is leading to pay cuts. People with these pay cuts have formed spending habits that have become hard to break. In addition to the spending habits of people their credit card rates stay the same. This is causing financial hard ache on those people that are in this position, and ultimately ending in debt. Credit cards can put people in bad situations like this one.
In Suze Orman's 10 Steps to a Worry-Free Financial Future, she states, “crushing credit card balance caused by your need to impress others is a costly lie. Living within your means is living honestly. Find ways to save $25 a week and you'll free up $100 a month. Invest it and in 25 years you could have $80,000. “ (Orman, Suze). Mrs. Orman brings up a valid point that in a sense people are using...