Credit Cards For The Young A Boon Or A Bane:

961 words - 4 pages

Credit Cards for the Young A Babe or A Boon?: A Study of Student Indebtedness to the Credit Card Companies A.Introduction 1.Definition of a Credit Card 2.Marketing Blitz on Students 3.Students' Ignorance and Irresponsibility 4.Legislative Issues B.Marketing Toward Youth and Students 1.I started Receiving calls shortly before my 18th Birthday 2.Tables in student unions and cafeterias with free stuff.3.Flyers in every hallway of every building 4.Applications packaged in college bookstore bags.C.Student ignorance and irresponsibility 1.Students entering school are usually financially ignorant 2.Students' don't understand the consequences a.Free Money b.Interest Rates 3.May rely on parents to bail them out D.Credit Card Reform Targeted at Youth and Students 1.New bankruptcy bills 2.Legislative bans against advertising to youth and students 3.College's ban banks from promoting credit cards on campus 4.Colleges to offer budgeting and financial responsibility classes and seminars E.Conclusion 1.Restatement of thesis 2.Credit Card for students bane or boon is determined by the level of maturity of the students Credit Cards for the Young A Bane or a Boon?: A Study of Student Indebtedness to the Credit Card Companies Major and minor credit card companies have targeted a new market of borrowers to boost their bottom line "" high and college students. This study examines the tactics employed by credit card companies to market the card and the acceptance and use of the card by student as "free money." A credit card is an open-ended loan card that allows students to borrow money up to a predetermined limit. There is no fixed repayment term, as long as the minimum monthly payment due, usually 2 "" 3% of the outstanding balance, is paid each month. Youth inexperienced with debt management, but with a voracious appetite for consumerism take the companies up on their offers and begin to spend. With little awareness, in a short period of time, students often amass a lifetime of debt by the end of their freshman year in college. Legislatures at the state and Federal levels are considering legislation that would curb companies preying on the immature students.Credit card companies start their marketing campaigns when students become high school seniors. From personal experience, shortly before my 18th birthday, I began receiving telephones calls and promotional mail from companies informing me that I had been preapproved for a credit card with limits up to $10,000.00 . There was no application requesting that I provide work experience, income limit, or credit history. As with other students, my next experience with credit card offers came during Freshman Orientation to college. Before one can enter the activity center to register, there are lines of tables of representative of credit card companies offering all types of free stuff, attractive purchasing limits, if the students will sign with their company. After the student has entered, there are credit company...

Find Another Essay On Credit Cards For The Young A Boon Or A Bane:

Globalization a Boon or not for Developed Economies

3647 words - 15 pages protectionist trading blocs -- defensive pacts that set up barriers around regions and prevent the flow of goods from one region to another. Which leads to a question: Are trading alliances a boon or a hindrance to international trade?For example, the dissolution of the Soviet Union and the emergence of independent states in Eastern Europe and the former Soviet Union led to proliferation of preferential trade agreements between those states and

Censorship on the Internet: A Boon or a Curse?

1482 words - 6 pages Internet censorship is controlling what a user could and could not see. Even though an individual merely searches for something as little as cats, Internet censorship still occurs. It is this unnecessary censorship that is killing young minds today. Internet censorship can be carried out in many ways. A government agency for instance can do it; or the worst of all, a private organization, looking at you AT&T. Even though business firms may think

Sonar Technology : a boon or a curse

1784 words - 7 pages 11 SONAR Technology: A boon or a curse.By: Vandit Shah (T00048764)For:ENGL 1100 - Academic Composition, Section 15Professor Shannon SmyrlApril 10, 2013Introduction:With the advent of modern technology humans have become literally puppets and have seldom analyzed the consequences of its extensive use. WE have literally adapted ourselves to this technology so much so that its now difficult to even imagine the execution of tasks without aid of

Marijuana: A Boon or A Gateway Drug

1017 words - 4 pages ‘Cannabis’- a plant of wonder, commonly known for its by-products like marijuana, hashish, hemp oil, etc. is the most popular drug plant. These products often used for their psychoactive effects. This can include heightened mood or euphoria, relaxation, and an increase in appetite. Popularity of the marijuana has increased widely these days between all age groups. Smoker’s says, “There is no harm in smoking marijuana, as it is non-addictive

Medical Tourism: Boon or Bane to African healthcare Delivery Model

757 words - 4 pages will touch those points also in the article Need for Medical Tourism: There are so many Factors which results in a booming Medical Tourism Industry but for Nigeria it is required because of the poor delivery of Medical Services by the local healthcare Industry. Drawbacks of Medical tourism: Loss of foreign Exchange to the country: Estimated loss of Naira 250 Bn Yearly to Nigerian foreign exchange to the Medical Tourism destinations. Loss of

The Convenience of Credit Cards

911 words - 4 pages Credit cards can be invaluable tools for college students. Using a credit card is more convenient than cash, and may help a young adult build credit that will be useful throughout his adult life. However, before a student applies for a credit card, he needs to know how credit works and the consequences associated with the misuse of a credit card. Credit can be very helpful, but may also be dangerous if one does not use it properly. Many

Credit Cards: Worth the Risk?

721 words - 3 pages While a credit card is defined as a plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit, the definition alone says little about the advantages and drawbacks of the cards themselves. Useful for individuals such as college students in paying for expenses, credit cards are a convenient tool when used properly and responsibly.. However, if abused credit cards also have their

The Downside to Credit Cards

824 words - 4 pages When it comes to learning about credit cards, most people do not expect to hear that it can effect a persons overall emotion and wellbeing. By having a credit card close at hand people are able to spend money knowingly but do not realize the implications from their choices. They make decisions that they would not have made otherwise if the consumer paid in cash or the full amount up front on the credited bill. Researcher Greg Davies wrote a

Credit Cards : Liberty And Debt, For All

639 words - 3 pages as alcohol or cigarettes. A credit card creates a false sense of security in that one can purchase an item and pay for it later even though the funds are not currently available. For the weak and financially irresponsible, this can be a disastrous invitation. Also, many use credit cards as an attempt to resolve other financial calamities perpetuating the cycle of debt. Recent loss of employment can thrust an individual to rely on a credit card to

Psychology of Personality. Extra credit paper. Write a one or two paragraph response for all three of the following questions (One sentence will not recieve extra credit.).

651 words - 3 pages MasterPuppetPsychology of PersonalityProf. Coons StimaExtra credit paper.Write a one or two paragraph response for all three of the following questions (One sentence will not recieve extra credit.).1. Briefly descibe the stregth and weakness of each type of data collection we discussed during the semester (B- Behaviour, L- Life out come data, I- Data, S - Self report Data). Explalin why it is important to have more than one source of data in

The social effects of credit cards

823 words - 3 pages Charge ItWhen American Express and the Diners club first launched their idea for a credit card they had no idea how it would affect the rest of the Twentieth Century. It was originally an agreement between a couple of upscale New York City restaurants to give their customers a sort of tab; however, it didn't revolutionize the way we spend money until many years later when the magnetic strip was put on the back. Credit cards are basically an

Similar Essays

Globalisation, A Boon Or Bane? Essay

3338 words - 13 pages use of parts of endangered species (such as seahorses, rhinoceros horns, saiga antelope horns, and tiger bones and claws) resulted in a black market of poachers who hunt restricted animals. Human trafficking is the trade in humans, most commonly for the purpose of sexual slavery, forced labor or for the extraction of organs or tissues, including surrogacy and ova removal. Human trafficking differs from people smuggling. In the latter, people

The Computer A Boon Or A Bane To Students

696 words - 3 pages alertness among students. They can also relax while listening to music or watch a movie on the computer. Since the world is computer-savvy, students need to equip themselves with the basic computer skills to meet the demands of the job market.Nowadays, acquiring computer skills is not a privilege but a necessity, not just for students but for the general public as well. In short, the computer is a boon for students.

"The Promotion Of Tourism Is A Bane, Not A Boon". Discuss.

1109 words - 4 pages "The promotion of tourism is a bane, not a boon." Discuss. Tourism is an industry which belongs to the service sector. It provides services which enables people to visit, explore and learn about another country. People are brought to see natural or man-made attractions, sample local cuisine and experience life in a foreign country. Tourism is also a fast growing industry as people are generally more affluent and are able and willing to pay for

Credit Cards: A Blessing And A Curse

1902 words - 8 pages In the world today, when the average American is standing at the cash register, ready to pay, he or she will likely pull out of their wallet one of the following: Visa, MasterCard, American Express, or a Discover Card. What do all of theses names have in common? They are all credit cards, the easy, fast way to pay for purchases when you don’t have cash, the store doesn’t accept checks, you would rather pay at a later date, or a variety of other