...Why Americans Should Not Use Credit Cards My thesis will be covering why I think that American’s should not use credit cards and the consequences that come along with being in such an industry. It will be covering the regulation’s benefits many companies have and the don’ts on having them and what will come along with accepting them. I will talk about hidden fees along with annual fees and all the fine print that everyone seems to not read. I will also touch basis on the way how one can stay out of debt in the paying process even though everyone wants a credit card some should not have one due to mismanaging of their incoming funds period. Writing on how my views on the credit card industry and why it is targeting the venerable and the young college students and people they know need credit and give it to them at a APR that is out of this world keeping them bound and in debt to them. My views on the credit card industry are that if they know that a person has more outgo then income then they should not extend the credit. Some people are so desperate and they know it that they will give them the credit but it will cost them just as much for the credit than the credit itself. My view from my stand point of view because I been there is that as long as you pay on time regardless if it’s the minimum they will keep extending credit to you so you can stay in debt to them and by the time you have paid one thing off you could have bought three of the same thing. In my thesis...
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...I believe there needs to be integrity in everything we do. There is integrity in day to day activities, who don’t we hold that standard to ourselves in terms of stealing or copyrighting. There are a number of issues with this and I will go over two of the issues we encounter when dealing with academic integrity. First off is the attitude toward buying assignment and laziness turning into plagiarism and second is the need for responsible blogging. These are the issues I find close to the heart in dealing with the integrity of any piece of work somebody comes up with. There is an absolute need for a code of ethics much like the one Axia has but for everything. With this code of ethics we could change the world so long as people are willing to change. First I want to touch on the attitude toward buying assignments. I have heard time and time again from people who have bought assignments online or produced an article from a fellow student, that it’s ok to buy an assignment. They believe that since big corporations steal ideas and products, it’s alright for them to do so. This is not true in the least but, it’s absolutely unethical in the worst way. This is an ongoing issue and the plagiarism check in our library here at Phoenix is absolutely essential to detect and deter these ongoing issues. The other half of this issue is the idea that it’s alright to copy someone else’s ideas and post them as your own. This includes blogging but effect the academic field in a much severe way...
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... Week Two Assignment Credit Cards play a large role in the average family’s economic crisis in the United States today. It seems that far too many people cannot budget their monthly expenses and credit cards are filling the gap between expenses and income. My advice to anyone that will listen is to live within your means. Some people are able to bridge this gap responsibly, but this is the exception rather than the rule. Every family needs to sit down and realistically prepare a budget. Define what things the family needs and at the bottom of the list define what things that the family wants. Items we can’t live without, (rent, power, water, insurance, food, and gas). Items we want, (cigarettes, soda pop, Starbucks, movies, and cable television). Calculate the monthly cost of our wants and needs. Once that magic number is agreed on calculate the family’s income. Unfortunately, the family income is usually a much easier number to understand. Whether it is one paycheck or two, the net income is what we have to work with. If the expenses are greater than the income, the credit card is not going to fix the problem; instead it will only enhance the problem exponentially. If you are unable to pay off the credit card each month, the interest rate can add up quickly. Once a person is in this predicament balance transfers to new cards, and credit card checks are the next way to fill the gap. Unfortunately, the credit cards companies have seen this played...
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...Most Americans should not use credit cards Scott Lester COM/156 February 27 2011 Suzanne Delger Most Americans should not use credit cards 796,500,000,000. This is an incredibly astounding number, what do you suppose it represents? It is clearly too large even for the world population which currently sits at 6.4 billion people. This number is in fact the total U.S. revolving debt, 98% of which is made up of credit card debt, as of November 2010 according to the Federal Reserve’s report(2010) on consumer credit. There is no doubt that America is in the middle of a recession, historically speaking one of the worst ever, and credit cards are being widely overused and abused making the situation worse instead of better. There are certain things that people depend on, the basic essentials such as food and shelter. People very rarely realize one of the most important factors that we all depend on throughout our daily lives is our earning power. It is our earning power that gives us our homes, cars, food, water, and our dreams and our goals. Sadly though, this is not enough for Americans, when the earning power is not enough to give us the things we all want and demand right now, what do we do? Of course we mortgage our earning power and our future with credit cards. The administrative office of the U.S. courts lists an astounding total of 1.5 million bankruptcy cases were processed between June 2009 and June 2010. With that 73.4 % of those bankruptcies were a direct...
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...Running Head: Americans Should Not Use Credit Cards 1 Americans Should Not Use Credit Cards Christopher McDonald COM/156 Donna Madison-Bell, MS Running Head: Americans Should Not Use Credit Cards 2 With more Americans in financial trouble than ever before and personal debt at an all-time high, most Americans should shun credit card use. Americans are having trouble paying for their credit card purchases and they are taking on more debt than is fiscally sound based on their income. Many people are being mislead by the appealing advertising tactics of credit card companies and most don’t understand or receive the information they need to make intelligent use of their credit cards or make important personal finance decisions. In addition, today’s economy has left many people unemployed or underemployed. To compensate for their lack of income, many people are using their credit cards to pay for basic items like food and gasoline. Because they lack a substantial income, they then can’t pay the credit card companies. Still other people might lack the will power to resist buying items that they can’t afford. Instead of rationalizing that they do not have the cash for the purchase, they use a credit card and worry about it at a later date. Americans now have more personal debt and financial struggles than ever before in the nation’s history, in part because of irresponsible use of credit. A 2007 article in the magazine Mother Jones stated that Americans owe a staggering...
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...Final Draft Although there are many advantages of possessing credit cards, most Americans should not use them; because they do not use them properly to where they become liable or subject to overwhelming debt, which could damage their credit history. Personal credit card debt has doubled in the past four years and personal bankruptcies are at the highest ever, and still more Americans are spending money that they do not have. Credit cards allow and encourage individuals to buy more than budgeted, and this is obviously a situation, which is best to avoid. Knowing when it is a bad idea to use a credit card can help you to avoid adding debt to your credit card. It is no doubt that the use of credit cards have eased the rate in which people obtain goods and services, but the use of credit cards have done more damage to the finances of Americans credit card users than good. Credit cards have become a problem for most American credit card users and there are even cases that some Americans have committed suicide because of the heavy debts he or she owes the credit card companies. Should Americans continue using credit cards? The answer is definitely no as the detriment that comes with using credit cards outweighs the benefits. Credit cards are a huge convenience in everyday life, yet most people are irresponsible when using them. The convenience of possessing credit cards increase the risk of overspending because people can convince themselves to spend more than what they...
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...benefits? There is! Credit cards and most Americans should use them. It is estimated that 80% of American households have at least one credit card (Fast facts about credit card debt, 2006, para 10.) There are many types of credit cards, allowing anyone to choose the one best suited for his or her needs. Although there are some disadvantages to using credit cards, the advantages outweigh them by far. Most important, using credit cards can help to build credit history, which will allow the user to gain more credit and maintain a good credit score. Many types of credit cards offer perks or rewards and different interest rates (APR). One type of card is a major credit card such as Visa, MasterCard, Discover, and American Express. Each of these may offer rewards or perks such as frequent flyer miles, points for merchandise, travel, car rentals, or cash back. Another type of card is a store or gas station credit card; this type of card is issued by a particular store or gas station. These cards usually come with some sort of a rewards program, helping your dollar go further. For example after spending a certain amount of money, you receive a 10% discount coupon toward a future purchase. Many credit cards offer low interest rates to new members, on balance transfers and to members who keep their account in good standing. However, missing payments or paying them late could result in your interest rate being raised to a higher percentage. Using credit cards can offer many advantages...
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...Are Debtors Digging Their Own Graves? Who Is At Fault For Credit Card Debts? Americans have become more and more dependent on credit cards, a rapidly growing issue. Although some may disagree, the problem with the credit card industry is not the creditors. It is actually the cardholders. The fault lies within the consumers that do not fully understand their financial circumstances therefore, spending beyond their ability to repay their debts. Having a line of credit should be a convenience, not a must. Reliance: Credit cards have become a necessary part of our everyday lives that we all have and use at some point. However, it is mind-boggling to think that many will use credit to make purchases knowing they cannot afford it. "Even as...
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...Credit card corporations and banks are wealthier than ever before, while at the same time as the majority of American citizens are getting themselves into additional debt. Citizens who are in a tight spot find their selves needing credit cards. Today’s society is continuously struggling to get rid of debt, although while attempting to eliminate debt we sometimes generate extra debt. The one foremost trouble we all encounter dealing with credit cards is debt. Credit card corporations are not looking out for your concerns and willing to help. There is no positive side to credit card use. You will spend more if you use credit cards. Even by paying the bills on time, you are not beating the system! However, most families do not pay on time. The average family today carries $8,000 in credit card debt according to the American Bankers' Association. (David Ramsey, 2009) The one thing I dislike about credit card corporations istheir always-raising interest rates. Minimum payments just are not enough to cover the finance charges. You do not want toutilize credit cards because you will create a spending routine that is awful, in addition, you will bring upon yourself debt that can have an effect on your credit score ratings or become a victim of identity theft. To use a credit card correctly, you must make purchases you are able to pay off upon is getting your monthly bill, but some Americans do not. A large amount of people lack discipline and are liable to abuse credit cards...
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...4. Assess the external threats affecting American Express and the opportunities available to the corporation. Give your opinion on how the corporation should deal with the most serious threats and opportunities. One of the external threats affecting American Express is due to technology trends. For instance, prior to technology, American was the most dominated credit card company in the credit cards sector. However, Penetration of alternative payment platforms has been gaining popularity in the recent years. These alternative payment platforms include aggregators such as PayPal, wireless payment technologies, including using mobile telephone networks to carry out transactions. According American Express Company (2014), “the system has changed to system sinked to payment cards, and bank transfer models increasing penetration with other alternative payment platforms could check growth for the company.” Therefore, the portability provided by Smartphones and tablets and evolving consumer behavior with social networking, is rapidly changing the way people interact with each other and transact business all around the world. Another major threat that might affect Amex is due to political factor. For instance, according to Ireland and Hoskisson (2013), “Congress passed Dodd-Frank, which the US President Barack Obama signed into law in July 2010”. Therefore, Dodd-Frank could limit Amex’s income earned through interchange fees. As a result of these new laws, customers may be incentivized...
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...Citibank: Launching the Credit Card in Asia Pacific (A) Case Study, BEP 430 Marketing 20030059 Dong-ock Kim1, 20030071 Min-geuk Kim2, 20040054 Keehyung Kim3, 20040535 Yohan Jo4, 20076006 Huang Qiuling5, 20076035 Dorjsuren Bayarmaa6 Marketing Team A1 2 3 4 5 6 erst_licht99@hotmail.com1, kmg0702@hanmail.net2, keehyoung@gmail.com3, zukjimote@gmail.com4, sharlin_huangqiuling@hotmail.com5, gordok_88@yahoo.com6 Professor: Wonjoon Kim Date submitted: May 18, 2007 TO: Rana Talwar, head of Citibank’s Asia Pacific Consumer Bank, Citibank FROM: Dong-ock Kim, Min-geuk Kim, Keehyung Kim, Yohan Jo, Huang Qiuling, Dorjsuren Bayarmaa RE: Citibank: Launching the Credit Card in Asia Pacific (A) DATE: May 18, 2007 As you know, rapid growth of Asia-Pacific economy was incredible in several years. It could be a good chance for Citibank’s growth, so Citibank has started to branch banking business since 1978. Actually, performance of Asia-Pacific branches is not bad. In 1988, Citibank earned $69.7 million, but Citibank does not satisfy with its performance. Citibank’s goal is $100 million until 1990. For this goal, Citibank launched the most innovative service such as telephone banking service. And now, Citibank is planning to launch a new product credit card. Acquiring card customers means that Citibank has more opportunities to crosssell product line: Auto Loans, Ready Credit, Deposits, and Mortgage Power, Citibank’s core products. But many of Citibank headquarters have doubts...
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...Most Americans should not have credit cards. Today many people complain that their never ending credit card debt is based on the economy in crisis. Credit cards are typically misused and create large amounts of debt. Many people use credit cards for daily expenditures, or to buy their “wants”, rather than “needs.” Often credit cards are used for daily expenditures simply because people are living paycheck to paycheck and do not make enough money to pay their monthly bills and buy necessities. Other people may use credit cards to keep their current social status. Most people have some sort of social influences; however, do not need to rely on credit cards to live out of our means, just to keep a group of so called friends. Financial ignorance tends to be a large factor in the issues of credit card debt. The concept that many fail, is to take responsibility for their own poor decisions that made a bad situation worse. People grow wrapped up in the moment of shopping with their credit cards and fail to consider the consequences. The thought of how that bill would be paid next month when it comes in, is not always thought about. There are hundreds of credit card companies in this world. Each credit card company has different rates, fees, interest rates, and annual charges. When a credit card is used, it must be remembered that not only does the balance used have to be paid, but also interest and fees that will accrue on a monthly basis. Credit card debt typically...
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...to WritePoint, the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper, but remember that your instructor's preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability in this area is limited. NOTE: WritePoint comments are computer-generated writing and grammar suggestions inviting the consideration and analysis of the writer; they are not infallible statements of right/wrong, and they should not be used as grading elements. Also, at present, WritePoint cannot detect quotations or block-quotes, so comments in those areas should be ignored. Please see the other helpful writing resources in the Tutorials and Guides section of the Center for Writing Excellence. Thank you for using WritePoint. Although many Americans may believe that marketing credit cards to college students on campus is setting the student up for financial suicide. There are ["There are" is an awkward phrase if "there" is not clearly a location] many advantages to students whom obtain them. I. Obtaining credit cards helps students build credit. A. Your [Eliminate second person (you, your) in...
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...abusive and excessive use of credit cards are a major economical issue in Turkey for a decade, which poses threats to the core structure of our society and the individuals’ self-esteem. News regarding the problems arising due to the inappropriate use of credit cards increases on a daily-basis, which signifies the fact that the problem shows a continually expanding trend, which is worth carrying an investigation upon. In order to overcome this problem, eight solutions were proposed. These solutions were banning the installments in shopping, copying the American model by providing collateral to the banks while getting a new credit card, requesting a guarantor per person while giving a credit card, giving maximum one credit card per person who has already debt, increasing the commission rate of the point on sale machines, educating people about the usage of credit cards and tell them its advantages and disadvantages, preparing therapy meetings by government for shopaholics and limiting cash advance credit from credit cards. The underlying research methodology of these solutions includes student surveys, internet based researching, discussions with credit card users, and discussions with personnel of banks. These proposed solutions were evaluated according to their effectiveness, feasibility, acceptability, sustainability and legality. Among these solutions three of them passed the criteria and suitable to apply. The chosen solutions can be regarded as the most effective and feasible...
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...software system used to collect, analyze, and assess market information so that decision makers can use it.”(Armstrong et al., 2009, p.184). Marketing information systems (MIS) are a set of unique marketing tools that assists corporations around the world to utilize information gained from marketing research to assess their products and formulate their plans for the future. Models of consumer behaviour can influence the development of their products and services , as well as impacting decisions such as; the appropriate locations for their businesses, and development of their marketing strategies. Once companies collect the information regarding consumer behaviours and their purchasing habits, it is analyzed in order to draw conclusions and make informed business choices. The objective is to utilize this information in order to generate the largest possible revenues (Buyer to consumer). Information is gathered through interviews, customer comment forms , consumer inquires and spending patterns gathered through loyalty cards. The information is gathered and the analysis provides insight into products and services being purchased by different demographic groups (i.e., age, gender, ethnicity, etc.), and in different locations. After this is achieved, organizations can then target their marketing and advertising of the right product to the appropriate customer groups who will most likely be purchasing that product. This essay will demonstrate how marketing information systems...
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