A lot of people today are living with credit card to pay for their high-quality lifestyle. Some people who have the sense of financial control are using their credit cards like digital wallets. However, many credit card holders treat the credit cards as “future money ATM”.

A recent survey with 1,798 respondents shows that more than 90% of young people own credit cards. Most of the interviewees are young people who have just started working or are still studying. When their expenses is higher than their earning, they often rely on credit cards for their daily expenses.

Some of them apply for more than one credit card and use one card to settle another card’s bills. When they couldn’t settle the credit card bills, then will seek for help from their parents to pay the bills. Some parents have to use their life long savings to pay bills for their children.

According to regulations of the baning industry, the amount of credit card bills should not exceed 40% of the total income. However, most of the cardholders know nothing about it or just ignore it. The young cardholders must learn to foster rational consumption habits.