Why Most Americans Should Not Use Credit Cards

987 words - 4 pages

Most Americans should not use credit cards
Scott Lester
February 27 2011
Suzanne Delger

Most Americans should not use credit cards
796,500,000,000. This is an incredibly astounding number, what do you suppose it represents? It is clearly too large even for the world population which currently sits at 6.4 billion people. This number is in fact the total U.S. revolving debt, 98% of which is made up of credit card debt, as of November 2010 according to the Federal Reserve’s report(2010) on consumer credit. There is no doubt that America is in the middle of a recession, historically speaking one of the worst ever, and credit cards are being widely overused and abused making ...view middle of the document...

Debt can be represented by a loan, note, bond, mortgage or other form stating repayment terms and if applicable interest requirements. These different forms all imply intent to pay back in amount owed by a specific date which is set forth in the repayment terms. Pretty boring stuff there, chances are you 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 credit card they use most often. Penalty fees alone in 2009 added up to 20.5 billion dollars! That is just late fees and over the limit fees not counting the interest that is accrued every transaction, every month, every year the account is not paid in full. My fellow Americans that is a staggering amount of ignorance and total lack of education in an area where we say we are the smartest and need to be especially now with the recession. People need to be aware of how costly it is to be unfamiliar with credit card use and being financially irresponsible. If we do as a result the financial fall of the economy will continue to get bigger if people and the government continue to carry on the careless actions that are going on and have been taking place in the past.
It comes down to being both parties involved faults, not just the credit card companies like everyone likes to blame. Sure they have built their own negative stereotype with all the high interest rates, hidden fees, annual fees and just about...

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