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The Use Of Credit Cards - Online Term Paper

The Use Of Credit Cards

is much more dangerous than use of checks
or cash. Paying with cash is very easy; for knowing how much money is
available and how much can be spent makes it very hard to get into debt.
When paying with a check the process is a bit trickier; the exact balance
has to be kept on the account at all time. Knowing what this balance is and
continuously replenishing it can be quite hard. Nevertheless, even with a
check consumers can not get into a lot of trouble. If more money is spent
then the shopper has on the current account, the last written check will be
rejected and account will be suspended until the balance is paid off. With
credit cards however, every year more and more people get ...

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plus an interest of
up to 24.9 percent per year. In the second quarter of 1995, overdue
payments as a percentage of outstanding balance hit 3.267 percent. That is
the highest mark since recession of 1991.
"The picture is, some consumers are very, very deeply in debt,"
says Charles McMillion, chief economist with MBG Information Services. A
swipe of the card has become so natural that many consumers do not realize
how much they have charged, nor that it will take them forever to pay that
debt off. Seventy percent of respondents to a recent ABA survey said that
it would take them at least two months to pay off their holiday expenses.
Unfortunately, there are more ways to use a credit card than ever
before, making it very hard for consumers to refrain from spending a lot of
money. Shopper can charge groceries, teeth cleanings, and on-line services
to their credit cards. Introduction of rebate cards – which offer users
credit towards new vehicles, frequent-flyer ...

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The Use Of Credit Cards. (2005, January 28). Retrieved April 20, 2024, from http://www.essayworld.com/essays/The-Use-Of-Credit-Cards/21336

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PAPER DETAILS

Added: 1/28/2005 09:55:25 PM
Category: Economics
Type: Premium Paper
Words: 465
Pages: 2

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