Baney_Robert_finalpaper.doc

Baney_Robert_finalpaper.doc - Most Americans should not...

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Most Americans should not have credit cards Robert Baney University Composition and Communication II/COMP/156 10/25/10010 Linda Rdriguez
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Most Americans should not have credit cards. Even though people should not have or use credit cards, most Americans can successfully use credit cards. Most people make purchases that they cannot afford financially. When using credit cards to make purchases, the card holder is charged a very high interest rate. If the card holder does not pay double the minimum monthly payment it will take forever to pay off the bill. Credit card balances continue to collect interest even if the bill is paid off and there are still charges from interest. It is not right to be charged interest on the interest that the company was already charging. “Seventy six percent of Americans have credit card debt; adults 55 and older are more likely to have credit card debt at 73 percent.”( Salmon, Felix 2010)If a person dose acquire credit card debt it is important to pay at least the minimum monthly payment or more if possible, to maintain a healthy credit score. The effects of large amount of people in debt can be devastating and have negative effects. “It is widely reported that the average American citizen owes nine thousand dollars or more.”( Roos Dave n.d)It is amazing how many people are in debt and how fast it can spiral out of control. The Federal Reserve releases an annual report with the numbers for Americans and their debt. The October report for 2010 reported an amount of 27.7 Billion dollars in consumer debt. Ultimately debt cannot grow to more than the household’s total income. The Federal Reserve
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Baney_Robert_finalpaper.doc - Most Americans should not...

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