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Credit Cards in Today's Society

Don’t Get Into That Vicious Circle Steady employment and good financial management practices like budgeting, saving, debt servicing etc, among other factors, hitherto determined your eligibility for consumer credit. You could comfortably access loans with good show on these parameters. Progressively shifting from this orientation, your social status now mainly determines your consumer creditability. Easy credit for everybody with Credit Cards happens to be the prevailing market norm. Our senses of financial propriety hitting new lows with such easy money, we stand to suffer ultimately for bad credit management. Take the case of students. With credit cards issued bypassing due probe on their financial capacities, they go on spending sprees with them ultimately accumulating huge debts on their cards. Unable to service them, they earn a bad credit score. This adverse credit rating can jeopardize their employment opportunities. Employers are now increasingly taking stock of the credit history of their staff. Their position to repay delinquent card debts further worsens with lack of appropriate employment. They are now in a vicious circle. There seems to be no way out from this fluid situation. Well, your credit score can be just as important as your GPA! Next time, before flashing out your credit card, think twice. It’s always better to plan out your needs, match your resources including credit and structure a liquidation plan to repay debts instead of just subscribing to the ‘buy now, pay later’.

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