Credit Cards
Most Americans Should not Use Credit Cards.
For some, credit cards are a convenient and safe substitute for cash. It is particularly helpful, for example when making distance purchases, such as ordering something by mail or over the Internet. However, for the majority of Americans, credit cards have become debt traps that are fast resulting in a financial crisis not only for these individuals, but also for the country as a whole. According to Chu (2008), for example, an increasing number of Americans are using their credit cards to survive today's harsh economic climate. This trend is simply driving the crisis to further extremes. However, credit cards are not only used to stay afloat. Many Americans are driven by greed and consumerism to buy as much as they can with what they perceived to be their "wealth." This trend makes it almost impossible to resist buying a non-essential item when it seems that the means to obtain it are available. Because of these issues, I believe that Americans should not use credit cards at all.
According to Chu (2008), the problem is partially the fault of the economic situation, particularly during 2008 and 2009. The author quotes analyses from the credit bureau, which indicated that consumer trends were changing rapidly because of the cheap and ready availability of credit: consumers were beginning to pay their credit card and car bills before their mortgages. This trend spells danger for the economy, as accelerated mortgage losses would have a very negative effect.
Chu also notes, however, that the rising cost of living is not the only culprit. Consumers are also lured by cheap and plentiful credit, along with an unwillingness to live without the luxuries that they have become used to.
While the economic situation can be understood, it appears that the availability of credit cards has discouraged Americans from even trying to tighten their belts. According to Simon, for example, a study has shown that the "typical" American consumer had four credit cards in 2007. This is significantly higher than the number recorded...
Credit Cards Consumer debt is a major problem In America, with credit card debt being the most prevalent type of consumer dent. A great deal of credit card debt is acquired while consumers are in college. This debt often follows them for many years after college is over and accounts for a great deal of the lifelong consumer debt. For this reason the marketing of credit cards to students has been
In fifty years, the heavy spending that credit cards facilitate will be viewed negatively, but credit cards themselves will still exist and most likely without stigma. The use of credit cards will be even more widespread, as fewer purchases will be done on site. Credit cards may be scorned by individuals who have acquired too much debt, but on the whole their benefits to society will not be overlooked. The dramatic
As with many diseases, affluenza is contagious. Cultural conditioning through media and advertising promote an image of "the good life" that is associated with possessions. Instead of hard work and frugality, possessions such as fancy cars, McMansions and designer clothes were now the symbols of success. It was therefore not enough to be wealthy, one had to flaunt it as well. Meanwhile, those who did not have wealth could pretend that they
Said Mr. Harris: "We are always looking at new ways to reach our customers through innovative digital platforms." Mobile works well since "There is rapid growth in mobile devices supporting more and more of the everyday tasks that people want to perform." Another highly successful mobile application has been that of American Express' Android version of its free mobile app, which has had more than 1 million views since 2011.
Other credit card issuers are proceeding more cautiously. MBNA, for example, the second-biggest card lender in the United States, after Citibank, said in April that it had set up an office in Shanghai to study the market (Kingson, 2004)." Many credit card providers are waiting until the restrictions are lifted in China before determining whether or not to open. It is important to study the impact that the lifting of
Why Did American Express succeed in the U.S.A. And Internationally? It succeeded because the company established an outstanding reputation in its core businesses very early in its lifetime. It also took advantage of the competition during both World Wars to support its customers with financial assistance when they needed it. Its business decisions, all told, were solid. It divested itself of non-profitable segments when necessary, and put the emphasis always on
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