Use And Abuse Of Credit. Essay

1413 words - 6 pages

Use and Abuse of CreditThe use of credit cards is much more dangerous than use of checks or cash. Paying with cash is very easy; for knowing how much money is available and how much can be spent makes it very hard to get into debt. When paying with a check the process is a bit trickier; the exact balance has to be kept on the account at all time. Knowing what this balance is and continuously replenishing it can be quite hard. Nevertheless, even with a check consumers cannot get into a lot of trouble. If more money is spent then the shopper has on the current account, the last written check will be rejected and account will be suspended until the balance is paid off. With credit cards however, every year more and more people get into debt.Credit cards. It is nearly impossible to function in today's society without one. From making airline, car or hotel reservations to making purchases on the Internet, it has become essential for everyday living. And credit card companies are trying to make it easier to get one.Competition for credit card customers has become extremely intense. Companies are looking for whatever customers they can get, wherever they can get them. Frequently this brings credit card marketers to campus, where each year there is a guaranteed new crop of potential customers. By signing up more customers earlier, the card companies hope to establish a type of brand loyalty that will carry far into the future. In the next few months, students everywhere will be offered free T-shirts, water bottles, long distance, pizza discounts, Frisbees, backpacks, hats, pens--you name it--all in the name of marketing credit cards. However, many students receive credit cards with no idea of the impact that misuse can have on their future.However if you have a $1,000 balance on a credit card with 18 percent interest, and you merely pay the minimum balance every month, it could take you over 12 years to pay off this debt. And did you rack up that $1,000 debt buying books or emergency car repairs or trips home? Or was it the latest CDs and the last-minute Spring Break getaway? Think about it the next time you are tempted: do you really want to spend the next 12 years paying for a $15 CD? According to a 1999 study by the Consumer Federation of America, expanding credit card debt is quickly becoming one of the most severe threats to academic success on college campuses. This study, conducted by sociologist Dr. Robert Manning, a visiting professor at Georgetown University, suggests that credit card marketing "on college campuses poses a greater threat than alcohol or sexually transmitted diseases." If you have already racked up substantial credit card debt, you are not alone. Dr. Manning's study estimates that nearly 20 percent of students may have credit card debt in excess of $10,000. He goes on to indicate that many of the actual numbers are difficult to obtain due to refinancing and debt consolidation loans. Which brings up another issue--that of using...

Find Another Essay On Use and abuse of credit.

Persuading Students to Use Credit Cards and Financial Aid Responsibly

1240 words - 5 pages Consolidation at the soonest possible time. Persuading Students to Use Credit Cards and Financial Aid Responsibly Do Students at Broward College Realize They are Incurring Credit Card and Financial Aid Debts? Broward University has a fast growing population of college students, all of whom seek to complete their college education based on a combination of their parent's educational fund that was set aside for them, and student loans paired

Animal Farm - George Orwell This essay is about the use and abuse of language

552 words - 2 pages In Animal Farm the pigs lie to the other animals multiple times. They do this for their own benefit. The other animals are in autocratic control by the pigs. The pigs are very wily. They lie in two ways. One is changing the commandments without telling the other animals. The other is deceiving the animals on what is happening and what the pigs' plans are. The use and abuse of language in its dishonesty and in its perversions show that the pigs

Debt Ceiling and SP Downgrade of US Credit Rating

2250 words - 9 pages Anthony Alonso4213-9739FIN3403Group 10The Debt CeilingIn "Debt Ceiling made easy," Ali Velshi summarizes the basics of the United States debt ceiling. Velshi compares the debt ceiling to be like the credit limit on a credit card. The U.S. borrows money to fund our economy. Government programs such as Medicaid, Social Security, Disability, and other similar programs are funded based of the U.S. debt ceiling. One can think of the debt ceiling as

Greedy Creditors and the Abuse of Consumers

1401 words - 6 pages Greedy Creditors and the Abuse of Consumers  Society is rapidly leaning on credit cards. More consumers prefer to carry plastic instead of cash. Moreover, the privilege of holding a line of credit is convenient and useful in today’s world. From hotel reservations and apartment rentals, to ordering online products, families are relying on credit as a time saving devise. As the importance of credit soars, money hungry creditors are

The Causes and Consequences of Elder Abuse

1755 words - 7 pages This essay will begin by giving a definition of elder abuse and it will then go on to briefly explain elder abuse. It will then move on to discuss the causes and consequences of elder abuse. It will then outline the ways in which policy and practice has responded to the problem of elder abuse since the protection of our future: Report of the working group on elder abuse was published in 2002. It will then conclude by evaluating these responses

Effects of Child Abuse and Neglect

1434 words - 6 pages adolescent is full of sadness. The child has signs of physical injuries, maiming, crippling, scarring (http://www.aaets.org). Too often abuse leaves long-term or permanent scars on the adolescent. The adolescent becomes aggressive, delinquent, and/or runs away. The adolescent realizes no one will take care of the adolescent’s needs, except themselves. The adolescent will use the only coping skills the adolescent has learned: violence and self-destruction

Prevention of Child Abuse and Neglect

2106 words - 8 pages Child abuse is the physical or emotional mistreatment of a child by a parent, guardian, or other person. Information of child abuse, including sexual abuse, beating, and murder, have climbed in the United States and some authorities believe that the number of cases is under reported. Child neglect is sometimes integrated in legal definitions of child abuse to cover instances of starvation, abandonment, and insufficient care of a child's safety

Overview and Effects of Child Abuse

2271 words - 9 pages Child abuse in American today is amongst the most saddened topics of mankind. Many children are subjected to neglect and abuse on a daily basis. The sex and age of child makes no difference when it comes to child abuse.. Boys and girls are equally likely to suffer maltreatment. The problem is how often child abuse goes unreported. Millions of children across the world are abused in some way, whether it is verbal, emotional, physical or sexual

Child Abuse and the Feeling of Helplessness

2193 words - 9 pages (Pelzer, 1995). This is the beginning of a typical day for David Pelzer, a victim of child abuse for four years. Child abuse is the physical, emotional, or sexual mistreatment of children. That is the typical definition coming from the Merriam-Webster’s Dictionary. But ask anyone who has been a victim of child abuse, and they might tell you that child abuse is like living in hell, never knowing what might happen to you, and never knowing when

Abuse of Legal and Illegal Drugs

2453 words - 10 pages Drug abuse is “a maladaptive pattern of substance use leading to clinically significant impairment or distress” (American Psychiatric Association, 2000, p.114-115). The difference between using drugs and abusing drugs depends on three things, what the drug is for, how much of the drug is used, and the effect that the drug has on the person. Drug abuse typically relates to one using drugs in an excessive manner, whether the drug is legal or

Morality Play, And The Abuse Of Power

1195 words - 5 pages and nobles use their ill-gotten power to,""¦keep folk [s] tied to the land." Adding to their anger is the priests open use of a concubine. "I daresay she was dressed for keeping house," Margaret, the mistress of Stephen and non-player, remarks. The priest has abused his power to the fullest by making a joke of his job and using it instead to keep whores and full his own greed. But the abuse of power extends further up the

Similar Essays

The Use And Abuse Of Antibiotics

1510 words - 6 pages The Use and Abuse of AntibioticsAntibiotics (Greek for against (anti) life (biotic)) are drugs that are capable of killing, weakening or inhibiting the growth of infectious organisms such as bacteria. Composed by weak concentrations of chemical substances produced by living organisms such as bacteria (Bacillus) and fungi (Penicillium), antibiotics have been given the name of "miracle drug" because of its wide uses over the last two

The Use And Abuse Of Anti Biotics

1311 words - 5 pages have suffered mutations and are beginning to resist some anti-biotics.the result is that anti-biotics are starting to loose the war against bacterial infections. For centuries, infections like pneumonia and tuberculosis caused by bacteria were a major cause of disease and death. The discovery of antibiotics has greatly reduced infectious diseases, and protecting public health relies heavily on the use of these drugs. But repeated exposure to

Use Of Credit In The U.S.

560 words - 2 pages at the end of the month. This type of spending creates debt and has a bad effect on your credit report. Consumers must learn to control this type of spending and manage their debt properly in order to keep a good credit report and stay ahead of their payments.      Another example of a purchase that credit may be used for is non-durable. These types of purchases include food and services. Many college students use

Tnc’s Use Of Emissions Credit Arrangements

1306 words - 5 pages Introduction: The Senate Finance Committee held hearings on the practices of The Nature Conservancy (TNC) in June of 2005. TNC is a tax-exempt organization under 501(c)(3) it describes its charitable purpose as, “to preserve the plants, animals, and natural communities that represent the diversity of life on Earth by protecting the lands and waters they need to survive.” This paper will focus on the TNC’s use of Emissions Credit