Personal Note On Credit Cards

1357 WordsOct 6, 20146 Pages
In the modern world we live in today, technology has been making our lives easy for as long as we can remember. When an average American stands at the cash register to pay, they are likely to pull out some form of cards such as Visa, American Express, Master card, Capital one or Discover card. All this card mentioned are all called Credit cards. Credit Cards seems to be easy and fast way to pay for purchases when you don’t have cash. Most stores in the United States do not accept check, they prefer cash or credit cards. Although, there are so many positive reasons to own a credit card, it can also cause many problems if one isn 't wise with making sending. One main reason why people set up businesses is with the sole aim of making profit. Credit Card companies must make profit to help the company provide money to their customers. To do this, these companies have set up many ways to squeeze money extra money from their customers. They designed ways such as charging late fees and inactive fees to make money. As a result of this, many people find themselves in huge debt. With this intention, government have to find a way to prevent people from getting into debt. They developed an amendment that would prevent credit card companies from squeezing extra money from their customers. On May 22, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure Act of 2009 into law.The Credit Card Act of 2006 deals with the limitations of fees such as the

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