Credit: Benefits and Risks
– Credit: A line of good faith that allows you to buy objects in advance of payment. Credit Card: A card authorizing purchases on credit Credit Card Fee: A fee given based on the percentage of the credit given Debit Card: A card similar to a credit card, used to withdraw money from a savings or checking account. Money is instantly transferred out of the persons account Interest: The cost of using another person’s money Interest Rate: The percentage that determines the amount of interest a person pays based upon the principle Credit Solicitation: A request for credit Credit History: Record of borrowing and paying habits, used to determine the credibility of a person Credit Checks: A r…
Teenagers and their Credit Cards
– Teenagers and their Credit Cards Availability of credit cards have left young people in debt. College-age students and low-income consumers, typically deemed bad risks, are easy targets for credit card companies. Credit card companies should not target college-age students and low-income consumers because of their lack of financial stability. In 1996, twenty-something consumers owed an average of $2,400 on their credit cards, nearly triple what they owed in 1990, according to research by Claritas Inc., a marketing research firm in Virginia….
The Credit Crisis Around The Globe
– ??Ocaya (2012) state that the credit crisis is a financial market or economic meltdown of borrowing the funds to the borrower and cannot get back, it evaluated by severe shortage of money or credit bring accumulation of bad debts, defaults and falling financial institutions among others. However, the experts and economists are unclear as what form a credit crisis. The Wall Street defines a credit crisis as a “period during which borrowed funds are difficult to get and, even if funds can find, interest rates are very high”….
Credit Cards and the Foreclosure Crisis
– This economic turmoil started with home loans and the credit card industry. We have a generation that never understood how to use credit properly and we now have higher claims of bankruptcy than we have ever had as a nation. The recession started because our nation was growing too fast for itself, people were taking out loans for homes they could not afford and the banks were letting them. We also have had a huge credit issue lately; I have even seen it personally with my parents, their interest’s rates have all gone up….
History of the Use of Credit Cards
– … One if you are living at home with your parents, they can co-sign on a student loan, put a house bill in your name, such as the power bill or water bill. If your parents’ credit score is high according to Fair, Isaac, and Company (FICO), you can consider them to assist you with a credit card in your name but using their account. Show responsibility by opening a checking or savings account, maintaining a consistent balance. Appling for department store credit cards like JC Penny, Sears, and Kohl’s is a great way to start….