...Nilson Report, February 2010, the average credit card debt per household with credit card debt is $15,788 and the number of credit cards held per family is 3.5. This issue has destroyed many lives and keeps causing problems among many American’s today.” It is my personal opinion that credit card usage ought to be reserved for people who have a high income and who reliably make a lot of money. Personal credit card debt doubled in the past four years and personal bankruptcies are at the highest rates ever and still more Americans are spending money that they do not have. There is a potential dark side to plastic with some unfortunate account holders getting out of their depth and building up debts that become a problem and cause of worry Credit Cards have become a problem for most Americans credit card users and there are even cases that students commit suicide because of heavy debts they owe the credit card companies (Manning, 2000) By paying with cash, you can “feel” the money leaving, which is not true with credit cards, where upon flipping a credit card up on a counter, leaves you feeling nothing emotionally. Just as credit cards encourage overpaying for an item, they also allow individuals to buy more than budgeted. First, the charges by most of the credit card companies are rather exorbitant. Apart from that these credit card companies charge their customers on the use and withdrawals of money with the cards, the credit card companies also charge their customers on...
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...final paper Credit Cards: People should not use Credit Cards: Axia College When you want to a credit card you will be obligated to give your personnel information. You may be request to give information on your work history, how long you live at the address you have , are you a citizen of the United States. All of the information go through customer service to check if you are qualified. Credit Cards that you get will have your own personnel name on it and no one can claim it if, stolen. There are some good advantages and band advantages of having a Credit Card. Some people use them for entertainment reason, going shopping and to pay bills. Most people get these credit cards and misuse them and then they wonder what happen when the bill come in. They went over the amount and there go your credit record going bad. Using these Credit cards can get you in big trouble if you don’t watch out how you spend. Once you have been provide these cards make sure you put them in a safe place. If you are not using them at the time of purchasing the items you need. There are used for emergencies, business and to buy a house. Over spending is one of the disadvantages of the card and you will be getting a interest rate on whatever you spend. You get a bill every month showing what you have spent. Credit cards will cause bankruptcy if, you don’t watch out how you use them. When you spend on these cards be caution of how much you would be using. It’s like a debt card some of them...
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... Week Two Assignment Credit Cards play a large role in the average family’s economic crisis in the United States today. It seems that far too many people cannot budget their monthly expenses and credit cards are filling the gap between expenses and income. My advice to anyone that will listen is to live within your means. Some people are able to bridge this gap responsibly, but this is the exception rather than the rule. Every family needs to sit down and realistically prepare a budget. Define what things the family needs and at the bottom of the list define what things that the family wants. Items we can’t live without, (rent, power, water, insurance, food, and gas). Items we want, (cigarettes, soda pop, Starbucks, movies, and cable television). Calculate the monthly cost of our wants and needs. Once that magic number is agreed on calculate the family’s income. Unfortunately, the family income is usually a much easier number to understand. Whether it is one paycheck or two, the net income is what we have to work with. If the expenses are greater than the income, the credit card is not going to fix the problem; instead it will only enhance the problem exponentially. If you are unable to pay off the credit card each month, the interest rate can add up quickly. Once a person is in this predicament balance transfers to new cards, and credit card checks are the next way to fill the gap. Unfortunately, the credit cards companies have seen this played...
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...Why Americans Should Not Use Credit Cards My thesis will be covering why I think that American’s should not use credit cards and the consequences that come along with being in such an industry. It will be covering the regulation’s benefits many companies have and the don’ts on having them and what will come along with accepting them. I will talk about hidden fees along with annual fees and all the fine print that everyone seems to not read. I will also touch basis on the way how one can stay out of debt in the paying process even though everyone wants a credit card some should not have one due to mismanaging of their incoming funds period. Writing on how my views on the credit card industry and why it is targeting the venerable and the young college students and people they know need credit and give it to them at a APR that is out of this world keeping them bound and in debt to them. My views on the credit card industry are that if they know that a person has more outgo then income then they should not extend the credit. Some people are so desperate and they know it that they will give them the credit but it will cost them just as much for the credit than the credit itself. My view from my stand point of view because I been there is that as long as you pay on time regardless if it’s the minimum they will keep extending credit to you so you can stay in debt to them and by the time you have paid one thing off you could have bought three of the same thing. In my thesis...
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...Most Americans should not use credit cards Scott Lester COM/156 February 27 2011 Suzanne Delger Most Americans should not use credit cards 796,500,000,000. This is an incredibly astounding number, what do you suppose it represents? It is clearly too large even for the world population which currently sits at 6.4 billion people. This number is in fact the total U.S. revolving debt, 98% of which is made up of credit card debt, as of November 2010 according to the Federal Reserve’s report(2010) on consumer credit. There is no doubt that America is in the middle of a recession, historically speaking one of the worst ever, and credit cards are being widely overused and abused making the situation worse instead of better. There are certain things that people depend on, the basic essentials such as food and shelter. People very rarely realize one of the most important factors that we all depend on throughout our daily lives is our earning power. It is our earning power that gives us our homes, cars, food, water, and our dreams and our goals. Sadly though, this is not enough for Americans, when the earning power is not enough to give us the things we all want and demand right now, what do we do? Of course we mortgage our earning power and our future with credit cards. The administrative office of the U.S. courts lists an astounding total of 1.5 million bankruptcy cases were processed between June 2009 and June 2010. With that 73.4 % of those bankruptcies were a direct...
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...COMM/156 Casey Jeffers PART ONE The first thing that I would give as feedback is that the author should have gone into more detail with the paper. The introduction paragraph is ok, but it should have stated what points he wanted to go into detail with and then stated facts off those points. I felt as though the paper was all over the place. It should have more knowledge about the film The Dark Knight. By what the author has written it does not make me want to go see the film anymore than I did before I read paper. The author talks about The dark Knight in his introduction paper but the facts after that really do not match up to what I thought the rest of the paper was going to be about. Once he stated the facts he should have went into a lot more detail on what he felt about the film and why us as reader’s should go see this film. The author spoke about the film be a contender to earn an academy award nomination. I would have liked to hear more on how the film became a contender. What were the focal points of the movie that were great? Why, was the film then not picked as a nominee? The author also should have underlined the title of the movie. It would have helped the title stand out. There were some quotation marks missing from the Wikipedia. Also the conclusion of the paper did go back and restate what the introduction said in the beginning. The conclusion was very bland and not...
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...I believe there needs to be integrity in everything we do. There is integrity in day to day activities, who don’t we hold that standard to ourselves in terms of stealing or copyrighting. There are a number of issues with this and I will go over two of the issues we encounter when dealing with academic integrity. First off is the attitude toward buying assignment and laziness turning into plagiarism and second is the need for responsible blogging. These are the issues I find close to the heart in dealing with the integrity of any piece of work somebody comes up with. There is an absolute need for a code of ethics much like the one Axia has but for everything. With this code of ethics we could change the world so long as people are willing to change. First I want to touch on the attitude toward buying assignments. I have heard time and time again from people who have bought assignments online or produced an article from a fellow student, that it’s ok to buy an assignment. They believe that since big corporations steal ideas and products, it’s alright for them to do so. This is not true in the least but, it’s absolutely unethical in the worst way. This is an ongoing issue and the plagiarism check in our library here at Phoenix is absolutely essential to detect and deter these ongoing issues. The other half of this issue is the idea that it’s alright to copy someone else’s ideas and post them as your own. This includes blogging but effect the academic field in a much severe way...
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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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...Opinion of consumers towards credit card usage A Study in Chandigarh 1. INTRODUCTION 1.1 History As far back as the late 1800s, consumers and merchants exchanged goods through the concept of credit, using credit coins and charge plates as currency. It wasn't until about half a century ago that plastic payments as we know them today became a way of life. 1.1a Early beginnings In the early 1900s (Ben Woolsey, 2011), oil companies and department stories issued their own proprietary cards, according to Stan Sienkiewicz, in a paper for the Philadelphia Federal Reserve entitled "Credit Cards and Payment Efficiency." Such cards were accepted only at the business that issued the card and in limited locations. While modern credit cards are mainly used for convenience, these predecessor cards were developed as a means of creating customer loyalty and improving customer service, Sienkiewicz says. According to Ben Woolsey, the first bank card, named "Charg-It," was introduced in 1946 by John Biggins, a banker in Brooklyn, according to MasterCard. When a customer used it for a purchase, the bill was forwarded to Biggins' bank. The bank reimbursed the merchant and obtained payment from the customer. Purchases could only be made locally, and Charg-It cardholders had to have an account at Biggins' bank. In 1951, the first bank credit card appeared in New York's Franklin National Bank for loan customers. It also could be used only by the bank's account holders (Ben Woolsey...
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...------------------------------------------------- Debit card A debit card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution. Some cards have a stored value against which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a designated account in favor of the payee's designated bank account. The card can be used as an alternative payment method to cash when making purchases. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card.[1][2] In many countries the use of debit cards has become so widespread that their volume of use has overtaken or entirely replaced the check and, in some instances, cash transactions. Like credit cards, debit cards are used widely for telephone and Internet purchases. However, unlike credit cards, the funds paid using a debit card are transferred immediately from the bearer's bank account, instead of having the bearer pay back the money at a later date. Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a check guarantee card. Merchants may also offer cashback facilities to customers, where a customer can withdraw cash along with their purchase. ------------------------------------------------- Types of debit card systems There are currently three ways that debit card transactions are processed: online...
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...BETWEEN DEBIT AND CREDIT CARD Among many electronic payment systems today, the most popular form is card payments. There are two main types of cards, which are debit card and credit card. Many people are still confused as the similarity and differences between those two cards. However it is not as confusing as it seems. As both cards are similar in appearance, many people assume that both of debit and credit card share similarity with fraudulent protection and shows differences regarding the time of payment, amount of fees charge and interest rate and also in financial access. According to Rebecca Lindsey (2004), similarity between both cards can be seen in fraudulent protection. Although the way of the law limit consumer liability are different, there is still have a protection service for fraudulent charges that had been noticed when using those debit if you notify the bank within two days of noticing the fraudulent charges. After a couple of days, the liability increases to $500, and up to the issuer entire account balance after two months. Thus, if the theft is reported after two days, the issuer can be held responsible for paying for purchases or charges that he or she did not make. However, if there is no notification of the fraudulent charge in the period of 60 days, the liability could be limitless. While, James H. Dimmit (2008), assumed that credit card issuer only responsible to make payment for the first $50 of unauthorized charges if the cards are stolen. However...
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...Corporate Credit Card Policy: • This Policy applies to all employees of the Agency who are assigned a Corporate Credit Card. • Conditions set out in this Policy, the relevant Cardholders’ Responsibility statement issued by the Bank govern the use of any Corporate Credit Card. • This Agency uses BB&T Visa Corporate Card. • Cardholders and their supervisors are responsible for ensuring that they adhere to the Corporate Credit Card policy, thereby ensuring adequate controls are exercised to minimize the risk that Corporate Credit Cards are used for fraudulent or corrupt purposes. Cardholders and their supervisors are referred to the Vice President of Finance for further information on their role in relation to fraud and corruption prevention. Eligibility • Permanent and temporary officers of Agency can apply for a Corporate Credit Card • Employees are eligible to be issued with only one (1) Corporate Credit Card. • To be eligible for a Corporate Credit Card, an employee must meet one or more of the following criteria: * travel frequently in the course of his/her duties or * purchase significant volumes of minor goods and services for use by the Agency or * incur regular frequent expenses of a kind appropriately paid by credit card Limits • Each Card will be limited to a maximum set by the Vice President of Finance, who will determine the limit on a basis of need and your cost center’s budget(s), and be for business expenditures...
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...Consumer Behavior of Credit Card Users in an Emerging Market Prof. Dr. Kemal KURTULUŞ, Istanbul University, Istanbul, Turkey Dr. Süphan NASIR ABSTRACT Saturation of the developed markets pushes multinational corporations (MNCs) to newly emerging markets for business expansion. As emerging markets provide growth opportunities for multinational businesses, the development and implementation of marketing strategies are critical for the success of MNCs in these newly emerging markets. Emerging market conditions differ significantly from those of the developed world markets and these conditions affect firm’s performance. Therefore, understanding market conditions of an emerging market is likely to become an increasingly important issue. Credit card companies have also expanded quickly into the emerging markets in order to exploit the opportunities that are provided by the emerging markets. Credit card usage pattern of emerging markets also differs from those of well-developed markets in important ways. Understanding the factors that explain consumer behavior of credit card users in emerging markets could provide an essential insights to marketing strategists of financial services, retailers, and businesses in promoting use of credit cards. Thus, this paper considers the consumer behavior of credit card users in emerging markets in the light of Turkish experience. INTRODUCTION Marketing managers can no longer rely on only domestic markets...
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...Yamin Aye Student ID: 553-9264 Subject: Business Research Methods Article 01: Credit card use irresponsibility by College students in US Many college students in US have been aware of that the risks of having debt as they use credit card and their responsibilities to be able to settle upon their credit card usage. This article is interesting because sooner or later our country will be having credit card systems from banks and many college students as well as most of the people have to be aware of the risks of incurring debt from credit card usage when we have disposable income and how our employment status affect paying back the loan. In this article, analysts have hypothesized those college students who have greater level of disposable income and employment status have greater credit card irresponsibility. Greater levels of income were also associated with greater level of compulsive buying, money anxiety and the employment status had proved sensitivity on price too. The findings from this article were based on 301 undergraduate college students from New York City having reported with their disposable income and employment status using convenience sampling during March 2006 and they were asked to complete survey regarding with credit cards. Each survey takes approximately ten minutes to complete and response were recorded in anonymous manner. The study was exempted from review by the University...
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...Citibank: Launching the Credit Card in Asia Pacific (A) Case Study, BEP 430 Marketing 20030059 Dong-ock Kim1, 20030071 Min-geuk Kim2, 20040054 Keehyung Kim3, 20040535 Yohan Jo4, 20076006 Huang Qiuling5, 20076035 Dorjsuren Bayarmaa6 Marketing Team A1 2 3 4 5 6 erst_licht99@hotmail.com1, kmg0702@hanmail.net2, keehyoung@gmail.com3, zukjimote@gmail.com4, sharlin_huangqiuling@hotmail.com5, gordok_88@yahoo.com6 Professor: Wonjoon Kim Date submitted: May 18, 2007 TO: Rana Talwar, head of Citibank’s Asia Pacific Consumer Bank, Citibank FROM: Dong-ock Kim, Min-geuk Kim, Keehyung Kim, Yohan Jo, Huang Qiuling, Dorjsuren Bayarmaa RE: Citibank: Launching the Credit Card in Asia Pacific (A) DATE: May 18, 2007 As you know, rapid growth of Asia-Pacific economy was incredible in several years. It could be a good chance for Citibank’s growth, so Citibank has started to branch banking business since 1978. Actually, performance of Asia-Pacific branches is not bad. In 1988, Citibank earned $69.7 million, but Citibank does not satisfy with its performance. Citibank’s goal is $100 million until 1990. For this goal, Citibank launched the most innovative service such as telephone banking service. And now, Citibank is planning to launch a new product credit card. Acquiring card customers means that Citibank has more opportunities to crosssell product line: Auto Loans, Ready Credit, Deposits, and Mortgage Power, Citibank’s core products. But many of Citibank headquarters have doubts...
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