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Pages:
2 pages/≈550 words
Sources:
2 Sources
Level:
APA
Subject:
Literature & Language
Type:
Essay
Language:
English (U.S.)
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MS Word
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Topic:

Who is Better Off: A Person Using Credit Cards or a Person Refraining from Any Credit Card? (Essay Sample)

Instructions:

Who is Better Off: A Person Using Credit Cards or a Person Refraining from Any Credit Card?

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Content:
Who is Better Off: A Person Using Credit Cards or a Person Refraining from Any Loans? Name Institutional Affiliation Who is better off: a person using credit cards or a person refraining from any loans? Humans incline and gravitate most of their options towards autonomy and sustenance. Financial autonomy drives most of our options in the 21st century era. The desire to attain financial autonomy is reliant on diverse options as an individual masters the art of saving and cost-cutting on expenditure. In this regard, most people use credit cards to obtain a sense of convenience to purchase goods and products and repay at a later date. However, other individuals that are aware of the grave implications of using credit cards opt to resist credit-card use and seek other options to obtain financial autonomy. Despite the option, credit card clients pay escalated interest rates and face fraud issues and impulse buying that inflates their expenditure for momentarily convenience. The use of credit cards has hidden exaggerated interest rates that may result in long-term debt. Jones (2018) posit that though hidden credit card charges had been outlawed, most banking institutions are using sly means to circumnavigate the ban and imposing the hefty hidden charges nevertheless. Jones (2018) argue that surcharging is a common vice that is rife in most business organizations across the United States and that entails overcharging clients who use payment choices such as PayPal to purchase online products. According to Jones (2018), most credit card users are unware of surcharging expenses and often realize when the expenses have escalated. Jones (2018) argue that since most American residents are tied to busy career paths, most credit card users lack the time for follow up with the bank institutions involved and silently resolve the unfair expenditures. Fortunately, evading the use of credit card and loans is a sure way of evading such complexities. Credit card use triggers impulse buying. Dykman (2011) posit that disparate studies have ascertained that people tend to incur higher expenditures when they use credit cards for making product purchases compared to paying in cash. Dykman (2011) justify this phenomenon by claiming that credit card blind people to end up on a spending spree for finances that they don’t have. Dykman (2011) unravel that most credit card services do not impose a monthly pay off and as such users with $100 in their cards have access to convenience to spend to as much as $1000. Though it may seem like “free money” the credit card user has hefty interest rates to pay to the credit card firms. An individual refraining from any loans evades impulse buying that is a gateway to credit card debt. Online fraud schemes largely target credit card users. Hardekopf (2018) argue that 16.7 million credit card users were identity fraud victims in 2017. Hardekopf (2018) posit that though victims of identity fraud are often reimbursed for unauthorized transactions, the procedure of recovering their lost money is tiresome and time-consuming. Hardekopf (2018) posit that if the compensation ever takes place, the process can be delayed by scrutiny processes and often legal battles depending on the degree of complexity of the fraud charges at hand. Persons who refrain from using credit cards and any loans are at a lower likelihood of facing similar agony ...
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