...me especially because I learn things about debt that will help me. My family has problems with debt and credit card using so I wish by watching this movie I may help them with those problems. Some of the things that I heard and saw on this movie, I never knew about. Maxed Out gave me an advantage over most college students who are prone and vulnerable to credit cards and debt. College Students usually are the most vulnerable to credit cards and debt. When you go to school on your first day you see many stands with credit card companies or banks who are offering to take you in to their company. They don’t do it because they want to help but because they know that they can get money from student. When you are in college you may not have a lot of money and so you get a credit card and use it because you think it won’t hurt you. Therefore they get the student with the interest which they can not pay because if they had extra money then they wouldn't have had to use the credit card. Credit card companies also have another type of people that they target and maybe more than college students which is people who have already filed for bankruptcy. They go after people who have filled for bankruptcy because once you file for it once then you can’t do it again. Of course the reason most people are bankrupt in the fist place is because of debt with credit cards or loans. So then they already no that they get addicted to the credit cards once they see them and can use them. Some...
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...Running Head: Americans Should Not Use Credit Cards 1 Americans Should Not Use Credit Cards Christopher McDonald COM/156 Donna Madison-Bell, MS Running Head: Americans Should Not Use Credit Cards 2 With more Americans in financial trouble than ever before and personal debt at an all-time high, most Americans should shun credit card use. Americans are having trouble paying for their credit card purchases and they are taking on more debt than is fiscally sound based on their income. Many people are being mislead by the appealing advertising tactics of credit card companies and most don’t understand or receive the information they need to make intelligent use of their credit cards or make important personal finance decisions. In addition, today’s economy has left many people unemployed or underemployed. To compensate for their lack of income, many people are using their credit cards to pay for basic items like food and gasoline. Because they lack a substantial income, they then can’t pay the credit card companies. Still other people might lack the will power to resist buying items that they can’t afford. Instead of rationalizing that they do not have the cash for the purchase, they use a credit card and worry about it at a later date. Americans now have more personal debt and financial struggles than ever before in the nation’s history, in part because of irresponsible use of credit. A 2007 article in the magazine Mother Jones stated that Americans owe...
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...Truth and Validity Exercise David Nieto PHL/458 July 21, 2015 Deborah Moore Truth and Validity Exercise Does the credit card habit create or promote carless spending or particularly among you adults? The question remains should credit card companies issue credit cards to young adults under twenty-one years of age .Do young adults see this as free money or as a chance to establish good credit that can help them in future investments .If carless spending takes place this can hurt young adults for years to come were many don’t recover for years. What can be done to help young adults from falling down the wrong path and make the correct decision? I once was a young adult with tons of credit card offers. Yes I saw it as free money I was never brought up the importance of credit and many of today young Americans. This argument could be considered as valid when viewed in the context of being a deductive argument. A deductive argument is said to be valid. We know that the credit card habit promotes careless spending because research indicates that credit cards have an unconscious confusing characteristic. The idea is to stay within a budget using a credit card, which , in order to do you have to remember the prices for each item you buy and keep track of how those prices relate to your overall budget. (White, Sept) A mature person is self-directing, so parents who make all their children’s decisions for them usually show the kids of not having responsibility. The pros...
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...benefits? There is! Credit cards and most Americans should use them. It is estimated that 80% of American households have at least one credit card (Fast facts about credit card debt, 2006, para 10.) There are many types of credit cards, allowing anyone to choose the one best suited for his or her needs. Although there are some disadvantages to using credit cards, the advantages outweigh them by far. Most important, using credit cards can help to build credit history, which will allow the user to gain more credit and maintain a good credit score. Many types of credit cards offer perks or rewards and different interest rates (APR). One type of card is a major credit card such as Visa, MasterCard, Discover, and American Express. Each of these may offer rewards or perks such as frequent flyer miles, points for merchandise, travel, car rentals, or cash back. Another type of card is a store or gas station credit card; this type of card is issued by a particular store or gas station. These cards usually come with some sort of a rewards program, helping your dollar go further. For example after spending a certain amount of money, you receive a 10% discount coupon toward a future purchase. Many credit cards offer low interest rates to new members, on balance transfers and to members who keep their account in good standing. However, missing payments or paying them late could result in your interest rate being raised to a higher percentage. Using credit cards can offer many advantages...
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...Moments of Truth Mocha – Coffees and Conversations Submitted by – Group 5 Table of Contents About Moments of Truth 3 About Mocha 5 Moments of Truth 6 Decisions as a CEO 9 Moments of Truth Customer Moment of Truth (MOT) can be defined as “In customer service, instance of contact or interaction between a customer and a firm (through a product, sales force, or visit) that gives the customer an opportunity to form (or change) an impression about the firm. Managing reputations and managing problems are especially important for service organizations. Services sell intangibles, through expectations and promises of what is to come. A critical moment, which forms or destroys the relationship with customers, is a “moment of truth” for service organizations; this is the point where the customer and organization come together. In recent years, mature companies with far-flung networks of frontline sales staff—banks, retailers, airlines, and incumbent telecom providers, for example—have devoted a great deal of money and effort to retaining their current customers. As many academic studies have noted, the costs of doing so tend to be much lower than those of acquiring new ones. The success of this strategy ultimately depends on expanding the breadth and depth of customer relationships and on translating the resulting loyalty into higher sales of goods and services, as well as a healthier bottom line. We...
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...with the different schools, credit card companies should not be allowed on campuses marketing to college students. The level of debt in society today is high enough and credit card companies do not need to be targeting college students just to increase their number of customers. Even though they should be allowed to market to college students because it is a good way to learn about credit cards and how to handle them responsibly, credit card companies should not be allowed on campuses to market to college students. College students already have enough debt as it is if they do not receive scholarships or help from their parents, and college students, fresh out of high school, do not know enough about personal finance and personal credit to be responsible about credit cards. I happen to agree with this statement because when one thinks about it, college students who do not have scholarships or help from their parents are already in enough debt as it is. One argument for credit card companies being allowed to market to college students is credit cards are a way for students on their own for the first time to establish a good credit score, which then can be used later in life to obtain loans for cars or homes. Credit card companies market to college students in the hopes that once that student has that card in his or her wallet that he or she will keep that particular card for years and its upgrades in the years to come therefore netting the credit card company more profit over...
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...Chapter 44 Consumer Law MULTIPLE CHOICE QUESTIONS A1. Through unfair trade practices, Super Sales Company induces Trey and other consumers to enter into one-sided deals. This may be subject to sanctions under a. federal and state law. b. federal law only. c. no law, according to the principles of freedom to contract. d. state law only. ANSWER: A PAGE: 905 TYPE: N NAT: AACSB Reflective AICPA Legal B1. Through careless manufacturing practices, Insta-Market Company makes and sells unsafe products to Jess and other consumers. This may be subject to sanctions under a. federal and state law. b. federal law only. c. no law, according to the principles of freedom to contract. d. state law only. ANSWER: A PAGE: 905 TYPE: N NAT: AACSB Reflective AICPA Legal A2. Frosty’s Appliance Store advertises freezers at a “Special Low Price of $299.” When Garth tries to buy one of the freezers, Huey, the salesperson, tells him that they are all sold and no more are obtainable. Huey adds that Frosty’s has other freezers for $2,299. This is a. a legitimate sales technique. b. bait-and-switch advertising. c. counteradvertising. d. puffery. ANSWER: B PAGE: 906 TYPE: = NAT: AACSB Reflective AICPA Legal B2. Orange Company makes computers. The company’s ad states that “if you aren’t eatin’ an Orange, you aren’t gettin’ any ‘C.” ” The...
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...Chapter 5 Consumer Credit: Advantages, Disadvantages, Sources, and Costs McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Consumer Credit Chapter Objectives 1. Analyze advantages and disadvantages of using consumer credit 2. Assess the types and sources of consumer credit 3. Determine whether you can afford a loan and how to apply for credit 4. Determine the cost of credit by calculating interest using various interest formulas 5. Develop a plan to protect your credit and manage your debts 5-2 Objective 1 Analyze Advantages and Disadvantages of Using Consumer Credit • Credit – An arrangement to receive cash, goods or services now, and pay for them in the future – Based on trust in people’s ability and willingness to pay bills when due • Consumer credit – Use of credit by individuals for personal needs, except a home mortgage – A major force in our economy 5-3 Uses and Misuses of Credit • Before you use credit for a major purchase, consider: – – – – – – Do I have the cash for the down payment? Do I want to use my savings for this purchase? Does the purchase fit my budget? Could I use the credit I’ll need in some better way? Can I postpone this purchase? What are the opportunity costs of postponing this purchase? – What are the dollar and psychological costs of using credit for this purchase? 5-4 Advantages of Credit • Current use of goods and services • Permits purchase even when funds are low • A...
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...and remodeled many of their existing stores that have a larger focus on food and household essentials. “In early 2010 Target announced in a strategy update that it plans to spend $1 billion to renovate about 340 of its existing stores in 2010.” They will be focusing more on groceries, beauty, home, and electronic products. They also have pharmacies and Starbuck Cafes in many locations. Social/Cultural: Target has always been seen as a trend setter in their clothing and home products. Their name is often pronounced Tar-zhay in a French accent to highlight their low cost designer clothes and products. They have achieved differentiation in the industry by branding themselves To be a successful competitor they have to focus on customer needs. They also offer a better shopping experience for the customer than their competitors. While Wal-Mart does generally offers low prices Target offers higher quality products. Target Corporation is socially aware: they don’t sell fire arms, tobacco, or toy guns. The trend is also going towards one stop shopping which they are addressing by building Super Targets and remodeling many of their stores. As the economy turns around and consumers are more upbeat they will once again see value in Tar-zhay’s designer clothes and products. The truth is that Target is just a nicer place to shop and when the economy is strong it will be a clear first choice in the industry. Technological: Target Corp. has an e-marketing...
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...The Dangers of Credit Cards Credit cards are an inevitable factor in growing up. Once you turn eighteen it all starts. You receive applications in the mail daily and commercials appear on television as well. This starts to spark an interest. So you say to yourself, "I think I'm responsible enough to get a credit card, I'll only use it for emergencies." Then you apply and it may take a couple times to finally be approved for one. This only makes it worse, of course, because you realize how long you have waited and now you get to buy anything you want, after all you don't have to pay it off for a month. The year is 2001, more and more teen's own credit cards and are already establishing their credit history. This essay will prove the truth about credit cards and what it's like to be in debt. It will also show the easy ways in which commercials and credit card companies can lure you into debt. Credit cards seem to be the easy way to purchase things. If you want a pair of pants but don't have the cash, you can just charge it. In reality, credit cards are not that easy. Once you are approved for a card the company gives you a credit limit, which is proportional to your income. On the average, an eighteen year old would have about a $250 limit. Which is good because it means teenagers cannot charge past the maximum amount of money. When a credit card is maxed out it means that you have hit the highest amount of money you can spend and it won't let you spend anymore...
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...What is the truth? What is the ideal type of government? How can one establish a personal hierarchy of values? My example would be when students begin reading at two instead of four they are more advanced in school. 3) Traditional argument is a traditional argument where two people are trying to prove a point. One example of this is a public debate among. Another example is a single-perspective argument. Consensual argument is a argument is a kind of argument or bargain that aims at a commonly agreed position. It is a dialogue that negotiates for a consensus. In dialectic, one type of consensual argument, two or more people participate as equals in a dialogue to try to discover what seems to be the best position on an issue. Another example is academic inquiry. Its purpose is to discover, through reading, discussion, and writing, new views, new knowledge, and new truths about complex issues. 4) The elements for an argument to work best include: An issue; an arguer; an audience; common ground; a forum; audience outcomes. 5) The elements for an argument to fail include: No disagreement or reason to argue; risky or trivial issues; difficulty in establishing common ground; standoffs or fights that result in negative outcomes. 6) An example of an ethical argument might be a plan for an effective and economical way to rebuild an area that has been destroyed by hurricanes, floods, or fire. Another example of an ethical argument may be a debate about slavery. An...
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...CREDIT CARD CONTENT Sl. No | | Page. No | 1 | INTRODUCTION | 1-3 | 2 | CREDIT CARD: WHAT ARE CREDIT CARD | 4-6 | 3 | ADVANTAGES OF CREDIT CARD | 7 | 4 | DISADVANTAGES OF CREDIT CARD | 8 | 5 | CREDIT CARD: PROS AND CON | 9-11 | 6 | HOW YOUR CREDIT CARD IS CHANGING | 11-13 | 7 | HOW TO GET OUT OF CREDIT CARD DEBT | 14 | 8 | CONCLUSION | 14-15 | Credit Cards: Introduction Are you thinking about making a purchase? Among the payment choices tucked away in a consumer's a wallet is the credit card. Its popularity since its debut in the late 1950s has skyrocketed. Many people enjoy the convenience and protections it offers, such as the ability to defer payments and keep records of purchases. However, credit cards can either help to improve your lifestyle by offering convenient payment and helping you build credit, or they can leave you with a pile a of debt - it all depends on how you use them. Problems can be avoided but understanding the terms of the credit card agreement, spending wisely and selecting the appropriate card. Here we take an in-depth look at credit cards and provide useful information about how you can use one to your best advantage. How Credit Cards Built A Plastic Empire :- Credit cards are nearing necessity status in modern life. If you want to rent a video, book tickets online, or place an advanced order for something...
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...they graduate; the power of the Pell Grant is not what it used to be. “Federal need-base grant aid provides low-income students with access to a higher education. Without this aid, many low-income students take on unmanageable levels of debt burden or forgo a college education altogether (King, 161).” The problem of escalating consumer debt is exacerbated by enticing offers, ease of obtaining credit, retroactive rate increases by credit issuers, and the deceit tactics coupled with rampant consumerism and lack of attention by borrows. Creditor’s see the vulnerability in college students, especially. "I think they try to take advantage of students because they know that they’re kind of scrounging for money," said Benjamin Stewart, a senior political science major. "You have books, you have tuition and parking is outrageously expensive, so it’s easy just to swipe a credit card and put it on there, kind of like magic. But you end up (hurting) yourself in the long run (Students, 1).” Arizona State University campus in Tempe students are constantly pestered with offers to sign up for credit cards. I too, have been enticed by offers of free items just to fill out the application, such as umbrellas, candy and baked goods on several occasions, while walking through Wal Mart. Other offers include things like an extra 10 to 15 percent off of your first purchase, consumers may buy that extra “want” because they think that they will save more, not realizing that they will probably pay twice...
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...situation would make a person a good candidate for bankruptcy? - Chapter 7: People who lost their job and many months behind on their mortgage payments and were in foreclosure, and had a significant amount of credit card debt – no other viable alternatives other than bankruptcy to get back on their feet. - Chapter 7: Fresh start in life – keep most, if not all, of their basic assets such as their homes, vehicles, furniture, clothing, jewelry and retirement funds and pay nothing to any of their creditors. Main reasons for filing bankruptcy: - Before the recession – medical debt incurred by people without health insurance, a divorce, or a death of a spouse that would lead to bankruptcy. - Now – with the economic downturn… loss of a job, cutback in work-hours, reductions in commissions and bonuses, and a steep decline in customers for small businesses. How does real estate issue relate to bankruptcies? - Chula Vista has been described as the “foreclosure central” in San Diego County… families borrowing money from credit cards, withdrawing money from their 401(k)s, and selling off other assets to make mortgage payments. Bankruptcy filing: A typical Chapter 7 bankruptcy filing can cost between $1,900 - $2,900.00… takes about three months from start to finish. Recommendations:...
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...government. There is one type of crime, which has consistently grown every year in the last decade, and also has been the fastest growing crime. It is a neither gun crimes nor the use and abuse of certain drug; it is identity theft. When searched for fastest growing crime on google.com the unanimous answer turned out to be identity theft. This crime basically proves that there is no doubt in the fact that there is something going wrong when dealing with identity theft. It seems like there is a piece of the puzzle which is missing. The main focus of this paper is to put some light on the issues concerning with identity theft, how it takes place in various manners and what are the current laws in place to act against identity theft. The role of credit card companies to deal with identity theft is also mentioned. Identity theft and identity fraud are words used to refer to all degrees of crime in which someone wrong fully acquires and exploit individual private information in numerous ways that engage scam or trickery, usually for financial gains. According to two studies done in July 2005 by Gartner research and Harris interactive, approximately seven million people became victims of identity theft in the year 2003, which increase to ten million people in 2004. That equals 19,178 per day, 799 per hour, and 13.3 people per minute (Gartner). Identities can consist of many items such as social security...
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