Credit card debt linked to Facebook use

Mississippians who use the social networking website Facebook should take notice of a recent study. The study reveals that Facebook use is linked to credit card debt.

A study conducted by the University of Pittsburgh and the Columbia Business School focused on one of the modern day issues with credit card use. Apparently, social media is related to higher credit card debt. Professors who were part of the study noted that even five minutes of Facebook time reduces an individual's self-control, leading the person to make an indulgent credit card purchases.

The mesmerizing nature of social media is distracting and can be trying on an individual's self-restraint, especially with respect to budgeting. Individuals observe other people's lifestyles and material possessions and may forget what is affordable. Credit cards feed into such problematic reasoning, as they appear to offer ways to make manageable payments for expensive items.

Although Facebook may lead someone into credit card debt, consumers in Mississippi must remain strong against financially unsound temptations. They must protect themselves against credit card debt.

Thankfully, the law already offers some protections. For example, it is illegal for a credit card company to send an individual a credit card unless he or she has requested it or it is a replacement card. Additionally, credit cards must include specific disclosures, including potential monthly charges.

Although credit cards can offer financial flexibility, the Facebook study confirms that they can also create financial challenges. Mississippians should take personal precautions to avoid debt and also take advantage of those protections secured by the law.

Source: CBS Sacramento, "Facebook Use Linked To Increased Weight, Credit Card Debt New Study Finds," Dec. 17, 2012

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