In this article "Financial Responsibility For All: A myth or Reality?" by Lubie Grujicic-Alatriste shows how young people in the United States involved with financial problems using many credit-cards. First of all, young people don't have enough knowledge and all the information about credit cards. Secondly, they get all the card companies around their college premises and those companies help students fill out the forms. In contrast, card company never provide detail information about the terms and conditions apply. The third reason is that misrepresenting the problems by the bank employees and just get students sign on the contract papers. These financial institutions never try to protect card holder. Student should be aware of credit cards before signing papers and get into financial problems.
There is a lot of things to learn about the financial roller coaster from this article. Credit card problems are not a myth, it is a reality now. A perfect knowledge on credit card policy is the most important thing to avoid financial calamities.
In 2009, my cousin took loan from the bank using credit-card and brought a house. Few months later, the house burned down from an electric heater. She was totally upset on her fate. On the other hand, the insurance company denied to pay for the house. In addition, she could not stop paying house mortgage. Therefore, she had to sold her house and land back in home country and brought money to pay mortgage. That situation made her to realize that how credit-cards effects people financially. I was shocked seeing those problems and tried to help her as much as i can.
Actually banking system is not highly developed in my country like here in the U.S. People don't use bank cards that much in my home country(Bangladesh). But recently, peoples are using bank cards there. Besides in our country people mostly carry cash money.
Finally, I think there is no such ways to come out of financial problems; once one get involved. The best way to avoid these problems is to learn before start using credit cards. One should read all the information, terms and conditions about bank card prior to make decision. And it would be the best idea to discuss with parents about every single terms and get directions from them.
in my country people mostly use cash,too.we don't need credit from bank when we buy a house.
ReplyDeletedo you usually use a credit card?
i think young people or immigrants need to learn how to use a credit card before they used. like many immigrants, they mostly use cash in their own country. they don't have enough information about credit card.
Yes i use credit card.
ReplyDelete