This website uses cookies to ensure you have the best experience. Learn more

Credit Or Not Essay

1019 words - 5 pages

Have you ever wondered if there is something out there that can allow you to buy the things that you need or want while offering you many benefits? There is! Credit cards and most Americans should use them. It is estimated that 80% of American households have at least one credit card (Fast facts about credit card debt, 2006, para 10.) There are many types of credit cards, allowing anyone to choose the one best suited for his or her needs. Although there are some disadvantages to using credit cards, the advantages outweigh them by far. Most important, using credit cards can help to build credit history, which will allow the user to gain more credit and maintain a good credit score.
...view middle of the document...

) Some credit card companies hold the cardholder at 0% liability (Benefits of using a creditcard, 2010, para 8). More buying power is another advantage. The typical consumer has access to approximately $19,000 on all credit cards combined. (Average credit statistics, 2010, para 6). Credit cards are accepted in places where cash is not such as online and over the phone. They are accepted almost everywhere here in the United States and abroad. Another advantage is ease with budgeting and bookkeeping. When using a credit card all transactions, balance and payments due can be seen on one easy to read monthly statement. Reviewing this statement helps to figure out where money is going and how to cut costs if needed. With today’s economy life’s little bumps can cost big money, if the cash is not available a credit card is a good source for emergency funds. Most credit cards offer balance transfers, which allows the card holder to keep the annual percentage rate low.
Credit cards are evil! Many people think this way. Although there are some

disadvantages to using them, these disadvantages can be effectively overcome

by becoming a well informed, responsible consumer. One argument against using a
credit card is overspending. About 48% of credit card holders owe less than $1,000
(The truth about credit card debt, 2006, para 17). Staying within a budget and using the credit card according to what is affordable lessens the chance for overspending. Another possible disadvantage is identity theft. Identity theft can happen anywhere, credit cards often have plans that offer protection against this and the cardholder is not held responsible. Most people fear bad credit when using credits cards. Bad credit usually occurs when the minimum payments are not made and the payment is not made on time. This may cause the balance to accrue a higher interest rate and possibly late fees. Again, staying within a budget and...

Other Papers Like Credit or Not

Process Essay

915 words - 4 pages several month period whether you use them or not, will be detrimental to your credit score. Fifth step, “correct any inaccuracies,” review your credit report carefully and immediately file a dispute to have the item removed. Once removed, you should see an immediate boost in your credit score. Sixth step, “avoid excess inquiries,” it’s permissible to have multiples inquires when shopping for a mortgage or auto loan as long as it’s within thirty

Credit Cards and College Students Essay

1200 words - 5 pages believe that advertising on campus just leads our youth into the same lower credit score issues that past generations have had. People in college may not understand the responsibility that comes with having a credit card, how to use it properly, or know how to read the fine print, and none of this will be taught by the credit card companies that are advertising on campus. Advertising credit cards on campus is only going to increase the


845 words - 4 pages credit scores. Note: You do not have to share your personal credit score or other details in this worksheet. Using what you have learned about credits scores and the Five C’s, respond to the following in 50-to 100-words each: 1. When are the five C’s important? When you are wanting to borrow money, the lender will look at your five C’s of credit capacity, capital, conditions, character and collateral. Although each financial

Week Four Credit Card Checkpoint

533 words - 3 pages fee will consist of a percentage rate that pertains to the total amount of the bill and also a flat rate per each transaction fee (Shift4 Corporation, 1994-2011). Visa and Mastercard each have their own interchange fees that they charge whenever their credit or debit cards are used to make purchases. These interchange fees are usually kept hidden from the Merchants and are usually combined with other fees such as the Discount Rate but both

Personal Income Tax

1171 words - 5 pages if filing a joint return). • You (or your spouse) were a nonresident alien for any part of 2011 and the nonresident alien did not elect to be treated as a resident alien for tax purposes. More information on nonresident aliens can be found in Publication 519. • You or anyone else claims an American opportunity or lifetime learning credit in 2011 with respect to expenses of the student for whom the qualified education expenses were paid

Consumer Credit

2547 words - 11 pages carried on by the advertiser’ and so it is clear that the provisions of credit does not need to be the main business of the advertiser. Second s43(1) refers to an advertisement which is published but it does not say to whom it must be published. It has been suggested that the advertisement must be issued or displayed either to the public at large or to an individual or individuals as members of the public, not in some other capacity[6

Ethical Dilemmas

710 words - 3 pages very important, so you can manage your money at a better rate. The author (Gestner, L of debit or credit pick your credit) gave interesting view points on each section of payment that can be beneficial or hurtful if not understanding the hidden facts between them. To begin, there are three ways of putting your money on card system. You have your traditional debit cards, credit card and prepaid card. In paragraph seven” When Debit Wins

Credit Management

4879 words - 20 pages . Bank has offered 1 billion loan to the client and bank has created a chanrge on ufone assets. So if ufone goes bankrupt or something else happened. Then ufone first responsibility will be to give back amount to the bank. And if not then SECP will be responsible to direct the company for giving the amount. CREDIT RISK ASSESSMENT (GUIDELINES TO LOAN OFFICER FOR APPRAISING CREDIT) It is not a difficult matter to complete the forms necessary in


686 words - 3 pages credit score to decide if they want to approve your application. First off, having too much credit debt will leave a negative mark on your report and can impact your credit score. You shouldn’t miss payments because that can also decrease your credit score. You don’t want a landlord to require you to have a co-signer, or an employer to not sire you, do you? If you have good credit history when starting out on your own then you are in a good

India Credit Cards Usage Analytics

578 words - 3 pages payment against the outstanding balance, but beyond this the customer can choose how much of the bill he wishes to repay, up to and including 100% of the balance outstanding. Any balances that are not repaid within the interest-free period offered by the card incur interest at the rate advertised by the card issuer. A revolving credit card may or may not be linked to a customer bank account. The report "India Credit Cards Usage Analytics: 2009 to

Americans and Credit Cards

1127 words - 5 pages responsible. Nor is it saving you money. Although credit cards help build credit, there are drawbacks to using them. For those people who have no credit, it is nearly impossible to get a loan or attempt to make a big purchase. According to the Fair Isaac Corp., creator of the popular FICO credit scoring model, about 20 to 25 million people in the United States do not have any credit. An additional 30 to 35 million U.S. residents have a

Related Essays

Not Full Faith And Credit Essay

2015 words - 9 pages Not Full Faith and Credit In this current century we as a society are witnessing science and technology that adapts at an ever increasing pace, infinitely changing. We as a society give great weight to the belief in equality and equal opportunity. A practicality of thinking has become the norm for much of society due to this increasing belief in a scientific basis for our decisions. However, in a society that seems to pride itself on being

Most Americans Should Not Use Credit Cards

1101 words - 5 pages end purchases when wanting or needing them. Owning credit cards and using them wisely will help build good criteria with lenders hence gaining some financial stability; however, if not careful the tables can turn really fast and consumers will find themselves in deep financial burden. When someone purchases a home the first thing lenders do is start sending out other loan and credit card offers, some even send the cards out to homeowners without

Why Americans Should Not Have Credit Cards

933 words - 4 pages , ask your parents or oh no getting a job! Now that you now get the swing of things or so you think all these deals, great money saving credit cards, lower APR, points towards vacations, Which you have had a job or a month or two, so of course you need a vacation too! Now om a serious note, there is going to be some serious money being spent before you relize how not ready you were not. Now if you didn’t get hooked like I did above, you avoided

Why Most Americans Should Not Use Credit Cards

987 words - 4 pages probably just skimmed over that last part or even skipped it altogether. That being said if you did then you probably also skimmed or skipped over all that fine monotonous print on the credit card application and just signed it at the bottom. Not even realizing what the interest rates are or penalties there may be or even if there is an annual fee attached to the card itself. 36 percent of Americans did not even know the interest rate on the