Thesis statement - In today's economy people should not own...

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In today’s economy people should not own or use credit cards because of the burden it puts on the American family. 176.8 million is the number of credit cardholders in 2008 (Federal Reserve Bank of Boston, p. January 2010). This is not arguing that credit cards are not good for building credit, yet loans, mortgage, and auto loans are just as good of a way to build credit. The argument comes from the average household 9,840 dollars worth of credit card debt (according to . With auto loans a person knows how much and for how long they will pay. With credit cards the more a person spends the higher their payment goes. Before a person knows it they can no longer afford the payment, cars get reposed, houses get foreclosed on, and children have to pay for their own college. It is not guaranteed that a person will lose everything they own because of a credit card, but is it worth the chance? People believe credit cards have been around a long time, yet they are really new to American society. Until the early 1980s credit cards were reserved for high and upper middle-income households. They were offered to reward the banks’ best customers and served as a loss leader, as most cardholders paid off their monthly balances. At this time credit cards were a symbol of high social status. Now it seems that everyone has a credit card. Each household has four credit cards on average, and 14 percent of household have 10 or more cards (according This is a troubling sign and one that could lead someone to believe that
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This note was uploaded on 02/11/2012 for the course INFORMATIO IT/205 taught by Professor Dr.reginahenry during the Winter '11 term at University of Phoenix.

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Thesis statement - In today's economy people should not own...

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