Essay on Who Can Stop Credit Card Abuse

James D Scurlock’s “Maxed Out” focused on the revolving use of credit cards to charge now and pay later and the fact that once the credit card was maxed out another one was sent from the credit card companies and the whole process begins all over again. Scurlock’s essay made the reader aware of the downfalls and hardships that can occur when credit cards are constantly used for purchases compared to Kevin O’Donnell’s “Why Won’t Anyone give Me a Credit Card”.

The liberalization of the money related divisions in Asia has brought about the fast spread of charge card organizations and monetary organizations giving different sorts of purchaser credit. The charge card market in general world has extended radically that the guarantors of outside nations has presented cellular telephone Visas for the comfort of their customers.(Amin, 2008) This, combined with the passage of remote banks, has enormously expanded the quantity of credit cards accessible, and consequently such spending in Pakistan. Despite the fact that charge card was presented in Pakistan decades prior when Habib Bank, the biggest bank in Pakistan, dispatched its gold card, however individuals had scarcely think about this card in view of its extremely restricted issuance. Several years back, Master card was introduced by ABL (Allied Bank of Pakistan), but that also was not get good attention. In year 1994, VISA Card is introduced by Citibank, that give a better turning point to plastic money industry in Pakistan. The working of Citibank no doubt was amazing that open doors for new offerings for the people of our country as well as for financial industry

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

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?

Consumers use credit cards for numerous reasons. Those reasons are: the earning of cash back, safety, points and frequent-flyer miles, universal acceptance, and to build credit (Investopedia.com). Credit cards can allow for cancelations a payment on a service that did not meet the expectations of the consumer, which is really beneficial. However, consumers own a few too many credit cards that all have different interest rates. The reason credit debt is so astronomical, is because consumers are paying the required minimum payment

Credit allows consumers to finance transactions without having to pay the full cost of the merchandise at the time of the purchase. A common form of consumer credit is a credit card account issued by a financial institution. Merchants may also provide financing for products which they sell. Banks may directly finance purchases through loans and mortgages. Consumers imperatively rely on credit, so it is necessary that credit laws help protect the consumer. I will discuss some of the major credit laws that impact the consumer, examine whether these laws are working, and talk about possible changes that might be needed to make sure the consumer is rightly protected.

Many of our time rely on credit and debit cards when purchasing items. While the two seem identical to one another, failure to know the difference can result in an economic catastrophe on the card owner's part. Debit cards are used as a way to spend money that the consumer already has by withdrawing the purchase amount directly from their account. On the other hand, credit cards allow the card owner to borrow money from the bank, in which the card is issued, up to a certain amount in order to make a purchase which they will pay back to the bank at a later date.

Plastic money is in vogue in today's economy. Paying for what you buy through your credit card is fashionable and convenient. But credit cards are growingly becoming a matter of immense concern thanks to the problem of card debt. The problem of credit card debt arises when consumers buy something swapping their card but are unable to repay the money to the card company within the stipulated time period.

Another reason credit cards are part of our economy is American’s consumer mentality. To understand America's consumer mentality the textbook as the reader to look at the advertisement a typical American would see in a day (Kornblum and Seccombe, 2017). Big corporations publicize the importance of their product; thus, convincing the reader that the item is a "must have." This "must have" mentality please individuals to spend the money that he or she does not have by using credit cards. Consumerism is the main reason why credit cards are part of our economy. Credit cards are not only part of our economy, but also cause a social problem. The root of the problem is individuals spending money they do not have. With increased use of credit cards there has been a substantial rise in unpaid debts and personal bankruptcy. Credit cards have payment deadlines and when those deadlines are not met, the monetary amount owed increases. For example, a man bought a very expensive item with his credit card. The man cannot pay his bill and thus he owes more

Whilst a critical part of consumer spending, credit card companies are constantly accused of malicious legal contracts and schemes to increase profits. Without heavy regulation, these companies have the power to bankrupt millions of Americans that rely on credit cards in their daily lives. However, after the introduction of The Credit Card Act of 2009, these accusations represent an inability to accept responsibility for financial blunders on the consumer’s behalf. Due largely in part to the government’s strict regulations, credit card companies should not be at fault for the student credit card debt crisis. Credit card companies remain blameless for student credit card debt as a result of

Credit cards can help kids in emergency situations. Kids can not be expected to carry enough cash for some types of emergencies. For example, when Robert Jones's car suddenly stopped on the way back from his swim meet, he was able to call a tow truck and could pay for towing when he got to the repair garage. Similarly, when Amber Postovich ended up with no way home from a party, she was able to call a cab and drive everyone home instead of riding with a drunk driver. As you can see, if these kids did not have there credit cards they would have come face to face with a dangerous

In this case, there are still some benefits for the majority of customers who use credit cards, but they are still outweighed by the negatives of unfair interest rates and payments by the credit card companies who benefit from them. Furthermore, another negative for customers is that they are easy to convince with advertisements by credit card companies. This only lures them in more easily into the small positives of buying whatever they want, but being negatively affected in the long run by the credit card

Today, we are in IT age, so, everybody uses credit cards and other payment cards. The credit cards and other payment cards are made of plastic. It can carry easily than using cash. But using that cards had many problems. The main problem is credit card fraud. This case occurs in the well-developed country such as US, Europe, Australia, China and other. Most of the developing country didn’t know how to prevent from credit card fraud. I want to introduce how to secure your credit card from frauds.

The aim is to find out the factors influencing the choice of primary credit card in accordance with Indian consumers. As per the previous literature the demographic factors are a major influencer for the selection of the credit card. It aims to find out the effect of credit card on compulsive buying and also to find out whether the income level of the individual determines the type of credit card an individual choose. It also helps to find out the impact of these factors on compulsive buying.

People use a credit card to mostly buy expensive items such as cars, houses or high-priced appliances. Businesses also use credit cards to purchase land, equipment and buildings. Sometimes credit cards can be used for cheaper items such as theatre tickets, or restaurant meals because it’s more accessible than cash.