Effects of credit cards

Over the last decades, in United States of America, people have gotten credit cards and more debts in a way to get more things and improve their lifestyles, but this activity has been a problem, because people are not aware of their shopping, so the interest rates are eating a big part of the debtors’ salary, so the purpose of this essay is to  demonstrate the effects of using credit cards like the problems in the social, economic and emotional aspects.

One of the three problems is the emotional aspect, the high interest rates are causing that people get depressed and they think about suicide, moreover some people have done it, or people in a desperate way, just escape and their families don’t know nothing about them.

Second, the social aspect has been very attacked, because a lot of people as a result of the foreclosure are losing everything that they had, so they have to live on the streets, for that reason the poverty increases.

Finally in the economic aspect, the customers are wasting their money; because they are buying a lot of things that they don’t really need, just because with the credit card is easier because you have the opportunity to pay in installments.

To conclude, I want to say that people who get a debt with a bank because of the use of their credit cards, need to be very responsible, because credit card could be a weapon to destroy their lives, because the high interest rates, the mortgage and the foreclosure is affecting the economic, social and emotional aspects.

By: Andrés Osorio V