african diaspora
Shondrika Minor
November 11 2014
Credit is the Slavery
In society today, bad credit begins in college. Students get credit cards and don’t know to properly use them. Meaning they may go over the assigned credit card limit and not pay back what they owe. Majority of the teens our age have bad credit because they can’t manage a credit card. Credit cards are supposed to be in case of an emergency not because you don’t have the money to get what you want. However, students don’t think when they swipe, they just spend the money. Just the littlest amount of money declined on a credit card can decline your credit score furthermore leaving you with bad credit. With bad credit it is hard to maintain a good credit score which will help you when trying to purchase a new house or new vehicle. People with bad credit have to constantly pay money, if any, to the bank or even file for bankruptcy so they can have decent credit. Although bankruptcy can cause bad credit as well. Student loans, credit cards, and mortgages are how people get caught up in debt the most. Most household members are in debt because of mortgages which stand at $8.03 trillion. The second largest is student loans, which is at $1 million which is then followed by credit cards. Many people, both students and parents, whom attend an institution where tuition is involved more than likely accumulate student loans over a certain amount of time. They can start small, but when interest is involved and added they accumulate tremendously. Majority of student loans go unpaid for some time. Due to other financial responsibilities like car notes, insurance and household bills; student loans may not be a priority. Mortgages may become too much for a home owner to keep up with. Therefore there credit may dwindle.
Interest is another factor regarding credit. As previously stated, tuition accosts for people to take out loans. Those loans, after a while add up. Interest is added on in percent and the longer it takes you to
November 11 2014
Credit is the Slavery
In society today, bad credit begins in college. Students get credit cards and don’t know to properly use them. Meaning they may go over the assigned credit card limit and not pay back what they owe. Majority of the teens our age have bad credit because they can’t manage a credit card. Credit cards are supposed to be in case of an emergency not because you don’t have the money to get what you want. However, students don’t think when they swipe, they just spend the money. Just the littlest amount of money declined on a credit card can decline your credit score furthermore leaving you with bad credit. With bad credit it is hard to maintain a good credit score which will help you when trying to purchase a new house or new vehicle. People with bad credit have to constantly pay money, if any, to the bank or even file for bankruptcy so they can have decent credit. Although bankruptcy can cause bad credit as well. Student loans, credit cards, and mortgages are how people get caught up in debt the most. Most household members are in debt because of mortgages which stand at $8.03 trillion. The second largest is student loans, which is at $1 million which is then followed by credit cards. Many people, both students and parents, whom attend an institution where tuition is involved more than likely accumulate student loans over a certain amount of time. They can start small, but when interest is involved and added they accumulate tremendously. Majority of student loans go unpaid for some time. Due to other financial responsibilities like car notes, insurance and household bills; student loans may not be a priority. Mortgages may become too much for a home owner to keep up with. Therefore there credit may dwindle.
Interest is another factor regarding credit. As previously stated, tuition accosts for people to take out loans. Those loans, after a while add up. Interest is added on in percent and the longer it takes you to