There Should Be No Credit Cards

There is a widespread concern about rising levels of debt. Debt can become disastrous for those who live alone or those families who are already having problems with supporting their family. The people who might be struck by debt, they might have trouble recovering. Debt can cause Americans to lose their homes and stability they need to feed, and shelter their families. Although debt comes upon us Americans quickly, people can see debt as terrible thing to be stuck with. It has many disadvantages that can devastate to people.

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.

In The United States these past few years everything has gone from bad to worse dealing with spending money; which has developed economical problems, such as debt. Currently people are spending their money on things that they do not need such as iPods, MTV, and so on. They buy things to satisfy their

As you can see there are many ways to spend using credit. There are just as many ways to build your debt and ruin your credit report. Lenders may end up repossessing things you have purchased and collecting the things you’ve placed on collateral and eventually causing you to file for bankruptcy if you cannot pay your debt. Debt can be useful

The main argument throughout this documentary is that credit cards are the main cause of the debt crisis, which occurred in 2006 in America. Credit cards are portrayed throughout this documentary to carry negative consequences, aiding in the corruption of the system, and ultimately creating debt problems that America faces as a nation. The main question we are left with is, can we as a nation live without credit cards?

5. Excessive spending habits: Not everyone is budget savvy. Some individuals let their wants or desires drive their spending habits by purchasing items and services that are not a necessity for basic living. Credit card spending can help fuel this type of habit. Too much credit card debt could ultimately change the borrower’s ability to repay for their mortgage and other liabilities.

In the article “What Drives Credit Card Debt?” Amy Traub correlates credit card debt to several different variables. One of the major variables referenced was the absence of health care. In 2012, a national survey of 1,997 working age adults was conducted and the outcome was extremely surprising. According to this survey if a family does not have health care they are 20 percent more likely to be carrying credit card debt. (Traub) Another variable tested was if the household was ever unemployed. Studies show that even if the person was unemployed for a short period of time they are 14% more likely to carry credit card debt. However, if you are lucky to have assets to draw from you are less lucky to have credit card debt. Many different factors

In the 1800’s I believe it was nearly impossible for people to spend more than they financial could because loans were not as easily accessible. In this modern age a common form of a loan that allows almost anyone to spend beyond their financial capabilities is a credit card. Credit cards are pieces of plastic that allow you to buy products and services with the money of the credit card company. However, this money isn’t given to you for free. All the money you spend must be paid back to the credit card company at the end of each month. This is where a potential problem could be created. If people spend more money than they can pay back they acquire debt. The acquired debt then accrues interest when you don’t pay what you owe. This causes the debtor to generate more debt every time a payment is unpaid.

It states that Americans have 1 trillion dollars in credit card debt. One of the consequences of using a credit card is if you miss a payment your interest rates skyrocket and you end up in a big mess with your money. This article goes on to say that many people keep a credit card for airline miles. The problem with this that there are fees. People have to pay eighty dollars a year for the card in return to get a free plane ticket in three years. That’s two hundred and forty dollars in fees receive which is close to equal the cost of a plane

U.S. consumers remain addicted to credit. Consumer debt continues to rise to record levels and a significant number of households have lost control of their finances. Credit cards can be a useful financial tool when used appropriately. However, research clearly indicates that consumers are not using credit cards wisely and consumers do not understand the terms and conditions of the credit card contract. Adding to this public dilemma, the practices of numerous credit card issuers have been described as predatory. The Credit CARD Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, is the first major reform of the credit card industry since the Truth in Lending Act of 1968. The Credit CARD Act of

Using credit is quicker and easier these days than spending cash or writing a check. To avoid the long lines we will use the internet to shop or make a quick call. The debt process can start with this months mortgage payment or a week of groceries put on the card. After making the credit card payment, including interest, the following months charges climb higher from the cost of other bills and lifestyle habits added to the card. Before realizing it the debt is out of hand and stress levels build to feeling helpless. If this sounds like you, Christian Credit Counseling can help relieve those anxieties.

Credit cards are important financial instruments and they are often employed these days to fulfill the needs of financing important needs and requirements. People often use credit cards to buy necessary items as well as achieving access to luxurious ones that they cannot afford with their current savings. There are many things about credit cards that you may not have been aware of. Here, we inform you about the six things that you did not know about credit cards.

On a periodic basis, the Federal reserve releases key statistics related to credit card debt in America. With almost 2,000,000,000 credit cards in use while in the hands of almost 200,000,000 individual credit card holders, there is no denying the popularity of these little pieces of plastic. Through May of 2015, Americans were responsible for $901 billion in credit

In today’s economy, cash or a credit card is needed to meet the basic human needs. It is an apparent fact that we need cash or credit cards to purchase items such as food, clothing, and to buy gas. Also, when you are out shopping and discover that you have used all the cash in your possession, it is then that you realize that the advantage of having a credit card. Furthermore, with cash, you are restricted to the amount in your wallet or purse; however, a credit card allows you to pay for your purchase at a later date. Both cash and credit cards can be useful when you manage them wisely. While cash and credit cards are similar in that they both are readily accessible, used for goods and services at the time of purchase, they are dissimilar because of theft, high- interest rates, identity theft.

Credit card companies prey on naïve students to maximize their own profit. According to the documentary Maxed Out (2006), credit card companies prey on uneducated adults who more than likely not pay their bill on time. This guarantees them max profit whether it is paid by consumer or companies that buy debt.