KFUPM Students Should Not Use Credit Cards

Over the past 15 years, a massive transition in financial transactions has occurred, especially since digital technologies have become more integrated into our daily lives. Currently, carrying cash, which instilled the sentiment of liability and sustainability, is being altered by people to utilize credit cards due to their ease of access. As a result, a considerable number of students argue that owning credit cards is an appropriate decision to keep pace with the present technological revolution. Others, however, claim that continuing to use cash would be more effective in averting credit card substantial debt. KFUPM students should not use credit cards to reduce debt and avoid negative health issues. One primary reason KFUPM students should not use credit cards is to ensure that the debts resulting from using credit cards are reduced. By enabling students to possess bank cards, the sensation of control over their finances will fade over time. This will lead to the impulse buying and unconscious payments by students, including the purchase of unnecessary or unimportant items that lead to the waste of students' money. However, cash-only consumers with better money management are more likely to consider their purchases and not spend money on unnecessary items. Accordingly, accumulating a lower amount of debts and prevent the severe growth of its worth. According to Johnson (2020), four out of five people who are nearly in their 20s and early 30s own $2000 billion in debt. This indicates that many students are currently falling into a debt trap, which could potentially increase with the usage of credit cards. Another primary reason KFUPM students should not use credit cards is to avoid health issues. As a result of paying by cash, students are aware of their spending and budget allocations. Hence, they may achieve a tranquil mental state and overall wellness. However, handling expenditure by credit cards, while stating it is a convenient technique to ensure comfortable living, may lead to higher stress and pressure levels due to the acquired debt. Subsequently, severe diseases such as marasmus and heart afflictions can develop in the long run. A 2013 Northwestern University study discovered that induced heart illnesses and strokes caused by high blood pressure, as well as overall poor health in people aged 24 to 32, might be caused by high debt-to-asset ratios. (Gerretz, 2021). This indicates that high debt, which credit cards may cause, can interfere with maintaining excellent health. In conclusion, for lower debt amounts and better health conditions, KFUPM students should not choose to obtain credit cards. However, one significant implication of this is a lower level of protection; dealing with cash and not securing it in one place may cause the incidence of it being stolen or destroyed. Another significant implication is that some students may face difficulties with it being slow and inconvenient with today's worldwide attention to technology. As such, KFUPM students should educate themselves about other methods of payments and ask themselves essential questions regarding owning a credit card and its effects on their lives. Unquestionably, when financial decisions are adopted suitably, more benefits would appear, and students may secure a better future for themselves.