...Abstract The 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...
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...Credit card companies should not be on campus marketing to college students Credit card companies love college students. They are the prime prospects of credit card companies. There are a couple of reasons they like to get you. First, they have a strong hunch that your parents will bail you out if you run up your credit card bill. Second, you have a long credit life ahead of you. This means lots of years of interest payments for the credit card companies. In the past, credit card companies were so hungry for college students; they approved applications even when students didn't meet the criteria. For example, a college student could get a credit card with no job, no verifiable income, no credit history, and even without a co-signer. Recent changes to credit card law now require credit card companies to verify a student's income before giving a credit card them a credit card. Students without income must get a cosigner to qualify. If you see a credit card company on your campus, they've likely paid your college administrators a fee, sometimes millions of dollars, for the ability to market credit cards to you. Colleges also get a kickback from every credit card opened and sometimes a percentage of charges made. Credit card companies pay to sell credit cards to students because they're banking on students making up for it in interest charges and fees. Expect to see credit card company representatives on or near campus giving out free stuff for credit card applications. Law prohibits...
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...couple of hours? Now you are talked into meeting on your college campus with a credit agent from Citibank and wind up selling thirty cards to fellow students. Now this might all sound perfectly innocent, but this is a very real incident that happened to a University of Pittsburgh student named Ryan Rhodes three years ago. Of those thirty students that signed up for credit cards, no one knows how many of those students are managing the cards they received or the resultant debt that comes along with that. Ryan has done 13,000 dollars worth of damage to his credit and was and maybe still is having a difficult time paying off the debt. He would not be the only one in that situation. Students across the country are filling out applications for credit cards on their campuses, and after the damage is done to their credit, just exactly what the cards are for, and what credit debt means. Students are not being told of the dangers of credit cards consequently, young adults are being caught unawares and thrown head first into the credit trap. Credit cards are damaging to uninitiated students and should not be pedaled anywhere on college campuses. High card payments are one of the first things an unsuspecting student has to contend with. The uninitiated spend with reckless abandon, driving up the monthly payment. When this payment can’t be met, damage to the credit score results. Poor credit scores also raise card payments to levels difficult to pay. Not understanding debt and all the intricacies...
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...Venkateshwara FMSC 111 December 11, 2014 Final Paper Introduction Credit Card debt and college student debt are problems that must be addressed now. We are seeing to many people suffer from both since they are misinformed and not educated about either. I got my first credit card when I was 18 years old. My parents taught me to be careful with my card and if I wasn’t they would cut me off immediately. Unfortunately people are now getting credit cards earlier and parents are not teaching kids how to use credit cards correctly. According to a study, “50.9% of students had debt before college” (Jones 2005). This means over half of the people entering college already are in some type of debt. Students must be educated before college so we can alleviate the amount of students in debt. Graduating students are “leaving college with $20,402 in education and credit debt” (Robb and Sharpe 2009). This results in people trying to dig themselves out of debt for their whole life. The average student also has “4.25 cards in their name” (Davidson, 2004). This is part of the reason why students are accumulating so much debt since they don’t know how to properly manage credit cards. This is because students have a low degree of financial literacy. This means that students don’t know the true value of money and as a result spend more than they have. We can see this by the amount students are using their credit cards. Not only are students getting in debt, but it is also having social impacts...
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...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 begins...
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...criminals are in the "business" of taking Mastercard information from a few clueless casualties. So they will first add your stolen card information to their stores. At that point, they will offer your card number to digital offenders on sites that have been set-up to process such exchanges. The purchaser might instantly begin utilizing your information at online retailers or exchange the information to another gathering. Digital offenders have additionally been known not fake cards with stolen information for use in block and mortar stores. Numerous a period, the goal is to buy products in mass that they can exchange for money. Not each stolen charge card is justified regardless of the same cost! Some charge cards are more important to digital offenders than others. For one thing, the card must be dynamic, permitting them...
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...MGT. BLENDED 475507 Ethics Case 1 Buy It on Credit and Be True to Your School 1. Should universities enter into agreements to offer affinity credit cards to students? In my opinion, I say no! Universities should not enter into agreements to offer affinity credit cards to students. Credit card companies are promoting through a number of channels to reach students. They offer select affinity card arrangements intended to bypass marketing limits. Universities are founded to prepare students to enter the real world. Universities were not founded to make profit, they are an institution for education. Where students go to learn, and the student should not be used as tools for profit. Consequently, educational institutions shouldn’t enter into agreements to offer affinity credit cards to students. KEY FINDINGS Examination of affinity agreements involving some of the nation's largest and most prestigious colleges revealed that schools and alumni associations: • Sell students' personal information. Many are contractually obligated to share students' names, phone numbers and addresses with banks. • Earn royalties: Banks typically pay schools $1 for each student who keeps a credit card open for 90 days. When students carry a balance, some schools can collect up to $3 more per card. • Cash in each time a student uses plastic: Many schools are entitled to receive 0.4 percent of all retail purchases made with student cards. • Benefit from marketing incentives: When a university...
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...The Wall Street Journal Guide, ‘Credit: Getting a Good Deal on Your Credit Card’ corresponds well with the subject matter taught in Chapter 6. Credit cards give one a sense of financial freedom. However, if not used carefully, they might add to one’s existing burdens. This guide helps us understand the benefits of a credit card, how to choose a card and get a good deal on it. A credit card comes in handy when purchasing expensive items. The credit card company allows one to use the money as long as the card bill is paid by or before the due date. It bails one out in case of a cash emergency and also enables a person to carry less paper money or bills. Some cards also offer rewards in terms of trips, cash refunds, and discount coupons based on your spending. A person can avail more than one credit card. Credit card companies grant a card on the basis of the applicant’s credit report. However, there are some disadvantages of having a credit card. Since a credit card gives a freedom to spend, it might lead to overspending...
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...broadening, for example, (1) diminishing a business' dependence on one or a little number of pay sources, (2) wipes out cyclical and occasional item vacillations by making products and administrations focused around an alternate interest cycle, (3) receiving a higher development rate, and (4) entering a contender's center business .Diversification is a risk management technique. 3. Discuss at least 5 steps to diversify the card business. (1) The organization will get financing by one of the 6 alternatives recorded underneath. (2) The organization will procure programming designers to make the custom programming in house. (3) Also, the organization will have in house client administration delegates to give backing to welcome card training clients. (4) The organization will create welcome card programming. The product will be sold in stores, which will incorporate the welcome card supplies to make 50 welcome cards. Keeping in mind the end goal to expand edges, the product will be sold on the organization's site too. (5) The organization will promote the welcome card programming on print, TV and magazines that are equipped towards ladies, which are the greatest client base. 4. Please give at least 6 suggestions of how and where funds can be allocated...
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... Judicial remedies are unlikely to produce a satisfying or sensible balance between companies’ economic prerogatives and customers’ privacy interest. New technologies that has either unconsiously adopted or resourcefully applied privacy practices will continue to threaten personal privacy. Business will have to find ways to address this uneasiness. If companies remain complacent, underestimating the degree to which privacy matters to customers, harsh regulation may be waiting in the wings. The best way out is for businesses and customers to negotiate directly over where to draw the lines. (What is Privacy?) There are many databases and Internet records that track or keep record of information about an individual’s financial and credit history, medical record, purchases and telephone calls. Most people do not know what information...
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...Money plays a big part on our lives. The credit card has helped make things easier in the system for cash related exchange and has transformed into a need. Danwei Huang portrays on his site," Dward Bellamy, in his book distributed in 1888, Looking Backward, expounded on a light sleeper who must be spellbound to rest each night. One decisive night government and each subject would get an equivalent offer of products. The credit trade at open stores for their needs. All products were soused no money or anything cash. Obviously, the nationals were honored, each year, with a sure measure of credits each, which they could get a constrained development on the credits that would be issued the accompanying year."(Danwei 2) This expectation never...
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...Paper Molly Flannery DeVry University CYBER CRIME Application Paper Cyber crime is a crime committed online, as opposed to the physical world. In a business setting, cyber crime can occur in several instances: scams, identity theft, white-collar fraud, check or credit/debit card fraud, retail fraud, auction fraud, employment fraud, etc. (Miller & Jentz, 2012) Credit-card crime is more likely to hurt merchants and credit-card issuers than the consumer. The financial burden shifts from the consumer to the either the merchant or the issuer when purchases are made with stolen credit card numbers. (Miller & Jentz, 2012) My particular world of business consists of healthcare-related information. For example, being a healthcare carrier, our company stores health information as well as personal information. Names, social security numbers, health diagnoses, etc., are readily available throughout our organization. Not only is this information extremely important to protect, but in the event of someone having a personal health policy, they may have banking information in our system as well in order to automatically have their monthly premiums deducted. This information can consist of credit card numbers and/or bank account and routing numbers. If someone outside the company were to hack into the system, they would have a plethora of information to choose from. Additionally, if we happened to have a celebrity or otherwise important person of interest in our...
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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...
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...enabling information to flow as needed, and delivering enterprise agility. This is a case study from ING Card, a division of the ING Group, member of the Jericho Forum of The Open Group. It describes the first phase of their SOA implementation, with services that are hard-wired rather than dynamically discoverable. It illustrates how even this stage of SOA can deliver real business agility, and contains some interesting lessons for SOA implementation. The case study was written by Alcedo Coenen. Alcedo has built his experience in IT since 1987, although he originally graduated in musicology in 1986. He has been working as programmer, information analyst, and since 1997 as (information) architect for ING and other companies in the Netherlands. Within ING Alcedo has been working on multi-channel architecture, a global SOA for ING Europe, a credit card system and on knowledge systems. Recently he has established a working group on the Business Rules Approach, producing articles and presentations for several architecture conferences and meetings. Open Group SOA Case Study http://www.opengroup.org Open Group SOA Case Study SOA Agility in Practice Service orientation within one application1 Alcedo Coenen alcedo.coenen@gmail.com ING Card2 built an application for its customer base that enables it to link to new websites, implement new product features, and maintain credit scoring rules, easily and quickly. It achieved this by applying three construction principles, one of...
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...market and reach out to consumers who may not otherwise visit the physical store. The convenience of online shopping is the main attraction for the consumers. Unique online payment systems offer easy and safe purchasing from other individuals. Electronic consumers exhibit different buying behaviors such as; cart abandonment. The benefits of shopping online also come with potential risks and dangers that consumers must be aware of. In the future, we can expect online stores to improve their technology tremendously, allowing for an easier and a more realistic shopping experience. II) Current Use: A company that wants to market their items online can establish an online store by developing a website. These stores usually consist of several department areas with the merchandize organized accordingly. The consumer may view the products’ picture, item details, materials, sizing, etc. If the consumer chooses to add the item to his or her virtual shopping cart, they are usually given the option to continue shopping or proceed to checkout. Once the consumer proceeds to checkout, the credit card transaction is completed and the item is prepared and shipped from the retailer to the consumer. Many physical retail stores have expanded their market by using the Internet. By having both a virtual store and a physical store, companies get the best of both worlds. Stores that are marketing their products in both areas can take advantage of the high demand for online shopping availability...
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