“I can purchase that now and pay for it later?”- (The rising effects of credit cards causing more and more student debt)
The cycle always seem to begin when you are least expecting it, I know that’s how it started for me. I was browsing in my favorite store H&M not planning on buying anything when I came across a pair of pants plus shoes that were on sale for 25% off, I could not leave the store without purchasing these items. Once I made my way to the cash register the cashier started to compliment me on my choices and went on to let me know before I paid if I would apply for their star rewards card I would instantly get an additional 15% off the 25% that was already given even if I wasn’t approved for the card. I thought that I should just go ahead and do it because even though I didn’t have a job and I was a full-time college student if I were approved for the card I would just have to budget the money I did get to be able to fulfill my responsibilities plus even if I wasn’t approved for the credit line I would still receive the additional 10% off my entire purchase, this was ultimately a win/win situation for me. Once I made my mind up to apply for the card it only took a matter seconds before the cashier congratulated me on my approval of the $500 credit line I had just received. I know I had originally came into the store just to browse but once I had the concept in my head that “I could purchase these things now and pay the balance off later” there something in my head that told me it was okay to spend more, and I will worry about the bill later. This is the mindset that most students such as myself take on with credit cards and it ultimately cripples there future stability.
When asking who is to blame in this situation , most will argue to say that the students themselves are at fault for making the decision to take on the extra debt, being as though they are at the legal age to make decisions for...