Advantages and disadvantages of using credit cards by college students
- Advantages of credit cards to students
- Disadvantages of credit cards to students
When credit cards were introduced to students, they were viewed as advantageous, but concerns arose about the risks that they presented this group. However, the final decision that came after deliberations of University administration officials, students and organizations offering these services is that credit cards are advantageous to students (Louise, John and Paul, 2). Any financial obligation brings with itself both advantages and disadvantages. Credit cards have both positive and negative impacts on students. Credit cards enable students to pay for unplanned emergencies. Some emergencies are so urgent that there is no time to seek help from parents and family members who are miles away. Students can pay for medical expenses and unplanned travelling tickets in case of emergencies (Louise, John and Paul, 2). Many online learning articles are offered on credit. Students may need these articles during their exams to refer to some information. Large amounts of car repair bills can be paid by use of credit cards. In cases like this, students can use credit cards to purchase these articles online without necessarily going to the book stores to look for them.
[...] Moscow, Idaho: University of Idaho, College of Agriculture, Cooperative Extension System. Turner, B. J. (1979). Credit cards. Moscow, Idaho: University of Idaho, College of Agriculture, Cooperative Extension Service, Agricultural Experiment Station. Drury, A. C., & Ferrier, C. W. (1984). Credit cards. London: Butterworths. [...]
[...] Disadvantages of credit cards to students The main component of finance is charges (Nancy, 103). Every advance given to students attracts a certain amount of interest. Consumer representatives, university officials and counselors note that many students are not aware of the financial consequences that are brought by these charges. High rates that come with the use of credit cards many times outweigh the benefits received. If balances are not paid off in time, students can get into trouble with financiers. [...]
[...] Stolen or lost credit cards can be replaced. According to Peterson, credit card providers provide liability limits on fraudulent or unauthorized charges. In this way, lost credit cards are protected against unauthorized use. Students are, therefore, assured of security to their lost cards. Credit cards give students a sense of financial responsibility. Many parents have testified that students that possess credit cards manage their money well compared to students who are given money in liquid form (Louise, John and Paul, 2). [...]