COM 156 FINAL - 1 Why Americans Should Not Use Credit Cards...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Why Americans Should Not Use Credit Cards Derrik Green COM/156 January 15, 2011 Celeste Burton
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Why Americans Should Not Use Credit Cards Credit cards do not necessarily represent “money” in a buyer’s bank account, but are an undertaking to pay money which a person may not have. Credit card debt has doubled in the past four years, bankruptcies are at an all time high and still Americans are spending money that they do not have to spend. There is a dark side to credit cards with some account holders getting out of their comfort zone and building up a debt which becomes a problem. I do not believe that Americans should use credit cards. First, the charges by most of the credit card companies are rather exorbitant. Apart from that the credit card companies charge their customers on the use and withdrawals of money with the cards, the credit card companies also charge their customers on maintenance and other charges, even when these cards have not been used. The situation with these charges has made it very difficult for the average American to maintain a credit card, especially the low-income earners. The interest rate charged for credit card acquisitions is the highest when compared to other payment systems as it rose to an annual rate of 13.72% in 2003. Credit cards are a big issue in society today and we should take the initiative to get it under control so more Americans will be able to stay out of debt in this aspect of financial planning. Cash is a better option for everyone, credit
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

COM 156 FINAL - 1 Why Americans Should Not Use Credit Cards...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online