I decided that the question I will be attempting to answer is: How does one's economic or social background impact attitudes towards credit card usage and accumulation of debt?
Just to get a feel as to which direction to turn, I ask..
Credit Cards: For or Against them and why?
If you could just give a few points to support your response that would be great :) THANKS!
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credit cards....
ReplyDeletewell I guess the first thing I would have to ask is if you are talking about credit cards or if you are talking about debit cards because people use those things like cray. I know that instead of using cash I mainly just take my debit card everywhere and that is what I use.
Credit Cards I think are ok, but I don't think that they help. If you look at the crisis that the United States is in, a lot of it has to do with credit. People will buy a whole bunch of crap on their credit cards, and not really keep track of it, I mean why would they, they can just pay back the amount monthly, but when you make big purchases like buying a house, or a car, those types of items can be defaulted on sooo easily.
I personally don't like Credit Cards. Or credit in general. The idea is awesome, you don't always have the money that you need right when you need it, so its nice to be able to have a line of credit to rely on but here is the problem. Back in the day you could be given a line of credit at virtually every store you went into, and you would pay them back whenever you could, so people worked on an honor system, and it worked relatively well. The thing was, that this was all done locally, and there were no attachments to what you bought, you didn't have to pay back interest, and there were no real late fees or anything like that, you just paid what you could when you could. Nowadays places are so big that it would be impossible for store owners to keep track, and the idea of charging interest to make a profit is such a common concept.
Credit Cards specially target younger teens, with todays society using things like debit cards all of the time, it is easy for a teenager to not be so scared when they get another piece of plastic in their hand, the only problem is, is that they generally don't look at the huge interest rate they got on their credit card or don't fully understand their plan, and don't realize that yeah, they are only paying six percent interest right now, but in six months that ten thousand dollar car they bought, they are going to be paying 19 percent interest on later.
If you want to check out some recent material on Credit Cards I would check out some federal sites, there is a lot of information regarding the laws and ethics of credit cards. Senator Bernie Sanders talks about capping out the interest rate on credit cards to like eight percent, which would be awesome.
hopefully my comment helped a little bit, oh and you could try checking things like sociology ( it's a huge social problem, one that I know has been cited a few times)
I'll see if I can't get some sources for you and post them in another comment box
lol good luck, it sounds like an awesome topic
I am for them only because they help build credit. I am not a big fan of having to pay monthly payments toward something I would prefer not to use. I also don't like how the companies try to take advantage of people who they think don't know what they are doing. I would much rather use a debit card because that is money that I have in a bank account and i don't have to worry about making $20+ payments. One of the main problems with the credit card is that people don't pay attention to much much they are spending and the fees that might come along with them.
ReplyDeleteI really have mixed feelings about the credit system. We all in some type of way benefit from it and I wouldn't have as much a problem with it if everybody repaid their debts because what they don't pay effects every other customer and may prevent the paying customers from future credit perks.
For, simply because if you do not own a credit card it is almost impossible to establish credit. And credit is one of the major things our country runs on, you need credit to get a house, to rent an appartment, they look at your credit history to get a loan. If one is wise with their credit card they really should not have a problem with it. However if you go on spending sprees you're basically screwed. It all depends upon how you use them or abuse them.
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