Interview with Retired Accountant

This report is to illustrate detailed information about the interview that I conducted with Mr. Bob Bahd, a Chartered Professional Accountant (CPA), who had agreed to be interviewed. I was given Mr. Bahd’s name and contact information through a mutual friend and looked up his profile in LinkedIn. I determined that Mr. Bahd would be a good choice for this interview based on his profile and the recommendation of my friend.

Credit cards have become increasingly popular world-wide, making it easier to buy now and pay later but are they actually helping or hindering someone’s credit? “Maxed Out” by James D. Scurlock demonstrates how credit cards can hurt someone’s credit, while “Why Won’t Anyone give Me a Credit Card” by Kevin O’Donnell demonstrates how someone may have financial stability to pay off a credit card, but still be consistently denied one by the credit card companies. Owning credit cards is not the problem; the problem is being irresponsible with it.

Since credit cards have become easily accessible on campuses, students can find themselves in financial distress very quickly. The conflict with credit card use is that it has created a distinct way to generate instant gratification among consumers, specifically young borrowers. Due to this point, students have become an easy target for credit card offers. With heavy solicitation from financial institutions and retailers, students are given quick access to funds with little education of how interest accrues, fees associated with cards, and the lasting effects on their overall credit. Since solicitation is used on college

3. Many college students may be working with credit or debit cards for the first time in their lives, and without proper

Credit cards can ruin any financial situation if used improperly. Let’s look at what our two financial authorities think about them. Dave Ramsey is completely against the idea of using credit cards. Being a devout Christian, he often finds his ways of financial teaching through The Bible. Proverbs 22:7 states “The rich rule over the poor, and the borrower is slave to the lender.” You are charged a premium for using a credit card in the form of interest. While you can pay off credit before the interest is charged, Dave insists that many people do not pay if off in time. It is better to get rid of the enticement altogether than to play with the idea of using a

These provisions put two things into effect one being bank companies cannot hike up fees on existing accounts, and making it to where consumers understand exactly the prices, fees, and interest rates so that they can make the best decision financially when it comes to owning a credit card. Not only is this provision beneficial to adults and families who uses credit card, but it is definitely beneficial to college students who get credit cards while they are in college and go into consumer debt and loads of students loans. The Credit Card Act helps people to have a better financial knowledge on owning a credit card.

The number one student in college is obtaining too many credit cards. While "charging it" can provide them instant relief in times of need, many students exaggerate while in college. This turns out to be harmful in the long term for a college student. Let’s be honest, the interest is added up quickly and I do not know any credit card that accedes it until after graduation as federal student loans. In my opinion, it is a bad idea to use a credit card in every situation that a student can escape. Finally, this debt can increase and force a student to divert their educational focus to focus on paying the debt that they owed. The college student must know how to manage their student loan or get help manage the financial goal. Borrow the student

In the world of personal finances, credit cards play an important roles in lives of many people. Sometimes, it's out of choice while other times it happens out of necessity. Regardless of why it happens, the numbers surrounding credit card debt are worthy of scrutiny in order to determine whether having or using credit cards is a sound financial decision.

L was married for 20 years. She has 2 daughters; one is going to school and the other lives in Texas. Her mother has been living with her for 3 ½ years. She enjoys movies, having coffee with her friends once a week, and her two grandchildren. She is active in her church, and used to do prison ministry. She works in Gerontology at the Health Sciences Center and has been a Tech employee for 25 years.

Financial literacy is essential in living in today’s society, therefore it should be taught at a young age because people have been going bankrupt more than ever before. According to Kelly Walsh, “Students between ages 18-25 have at least one credit card. By the time they graduate half of them have four or more credit cards that have an average balance of $3,000” (Walsh). If students were taught at a younger age how credit cards actually work; they would better understand the consequences of debt. For instance, if students were to research different credit

Now that you have a better understanding of the risky business of owning credit cards, let us examine who is to blame?

Money is a necessity in life and is a constant worry for college students especially when you take out a $10,000 loan. Financial aid has replaced studying as the biggest worry for college students. The objective of college is to learn and grow as a person, but is limited by financial capabilities which is a big problem for the U.S. education system and prices continue to go up. Main focus is having to focus on rigorous studying, students may also have to work to stay in school. A student is paying college through a $10,000 loan and working a part time job 20 hours a week. John wonders if getting a credit card will help him financially. The best solution is to attain a credit card that has student benefits included and will make it easier to protect and keep track of your money.

There are college students who get credit cards for the right reason and there are some who look at it as a way to get a little extra money. A lot of credit card companies target college students by using promotional offers such free t-shirts, cups, and many other items. Plus most college students are big spenders so they will definitely get there money worth. A lot of college students look at this opportunity to establish some credit. For the ones who don't have a stable job it will be pretty hard for them to make payments on time. It really doesn't matter if the student can afford to pay it or not because credit card will simply charge additional cost to customers account if they fail to make their payments. Either way the credit card company

While taking the personal finance course this past spring, I learned many valuable lessons that will greatly assist me throughout my life. One lesson I learned is the importance of paying yourself first. To put this into action, I will save money in an emergency fund to have enough money to live comfortably for 3 to 6 months, in case of emergency. Furthermore, this course has taught me the importance of budgeting. Using budgeting, I will make a plan for my money, so I can avoid over drafting and bouncing checks. Another lesson personal finance taught me is to pay all bills and loans on time to develop a good FICO credit score, which is what companies use to evaluate the risk of loaning to an individual. Knowing this information will help me

The question of whether credit card companies should market on campuses or not, brings many different opinions, some of which are driven by personal experience and some that are driven by profit. There are those who do not agree with this because they know what they have gone through with credit card debt. There are also those who say they should market on campus because they are adults and contribute to the company’s profit. Even though students are adults and need to earn credit, credit card companies should not market to college students on campus because they are too naive and this results in graduating with too much debt.