Credit Cards And Credit Card Debt - 884 Words

In today’s world most people have a credit card by the time they turn eighteen years old. Nerd Walt, a financial website, stated â€Å"Average credit card debt in 2013 reached $15,480 per household in the United States†. (Bower) The average household credit card debt has probably increase since the 2013 study. â€Å"Overall U.S. National debt is rapidly approaching $18 trillion† (Bower). â€Å"20% of credit card users often pay off monthly balances on two or more credit cards† according to a study (Bower). In today’s society it is normal to swipe a credit card to buy your children Christmas, because credit card companies now offer rewards where an individual receives money back or maybe even a discount flight. People used to not want to buy their children’s Christmas on credit, but rather work a little harder and save up the money to buy it. Children now days see their parents buying them stuff on credit card, so when they become teenagers th ey expect to receive everything they want even if their parents cannot afford it. When the child becomes a teenager, and they are finally old enough to get a credit card they take advantage of the credit card. Young adults should learn to spend their money wisely and efficiently at that age. Most young adults my age have a credit card and take advantage of it. I have been eighteen now for a year, and I have been attending college for six months now, and I still don’t have a credit card. When I want to go buy a new outfit or a new electric item, IShow MoreRelatedDebt and Credit Card Debts1138 Words   |  5 Pagesmonthly credit payments for VISA and MasterCard are $65 and $60, respectively. Her monthly payment on an automobile loan is $375. What is Louise’s debt payments-to-income ratio? Is Louise living within her means? (LO 5.3) Louise’s Gross Income = $3,000 Less: Income taxes = -700 Less: Social Security Tax = -250 Less: IRA contribution = -100 Net take-home pay = $1,950 Her monthly payments on VISA, MasterCard, and a car loan add up to $500 per month. Louise’s debt paymentsRead MoreCredit Card Debt Essay643 Words   |  3 PagesRunning head: ANALYSIS OF CREDIT CARD DEBT Analysis of Credit Card Debt George Kennedy Argosy University online General Education Mathematics MAT109 A01 Instructor: Sohrab Bakhtyari January 25, 2013 Analysis of Credit Card Debt 1. My Introduction with a credit card balance of $5,270.00 and an (APR) of 15.53 percent based upon my own conclusions and assuming there are no other fees are applied. In my report I took my balance of $5,270 x 15.53%= $818.431. The Maximum monthly paymentRead MoreAnalysis of Credit Card Debt1116 Words   |  5 PagesAnalysis of credit card debt By: Corrine Owens M3A2 9/15/15 Analysis of credit card debt pg.1 Based upon a balance of 5,270.00 on an APR of 15.53% the calculation is as follows per US BANK:Read MoreCredit Card Debt in America1682 Words   |  7 PagesEssay Debt Credit card debt is one of this nation’s leading internal problems, and it has been for around the last 3-4 decades. When credit was first introduced, and up until around the late 1970’s up to today, the standards for getting a credit card were very high; so not everybody could get one. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much likeRead More Credit Card Debt In America Essay1539 Words   |  7 Pages Credit card debt is one of this nation’s leading internal problems. When credit was first introduced, and up until around the late 1970’s, the standards for getting a credit card were very high. The bar got lowered and lowered to where, eventually, an 18 year-old college student with almost no income and nothing to base a credit score on previously could obtain a credit card (much like myself). The national c redit card debt for families residing in the United States alone is in the trillionsRead MoreEssay on Analysis of Credit Card Debt1229 Words   |  5 Pagesï » ¿ Analysis of Credit Card Debt Jeanette Macintyre Argosy University MAT 108 Analysis of Credit Card Debt Credit card debt is a reality for many in today’s world. Suppose that you had a $5,270.00 balance on a credit card with an annual percentage rate (APR) of 15.53 percent. Consider the following questions and prepare a report based upon your conclusions.   1. Most credit cards require that you pay a minimum monthly payment of two percent of the balance. Based upon a balanceRead MoreCredit Card Debt Nation : Notes2081 Words   |  9 PagesCredit Card Debt Nation One day you get up and do your normal routine. You let the dog out to do his business, you brush your teeth, brush your hair and get dressed. You let the dog in and walk into your kitchen. You feed the dog then make yourself something for breakfast. The dog lays on the couch without eating. Not thinking anything of it, you watch TV and throw a load of laundry in the washer. Noon comes around and still the dog is just lying there, sleeping. You check the bowl of food and noticeRead MoreHow to Avoid Credit Card Debt Essay882 Words   |  4 PagesHow to avoid credit card Debt Credit card debt is a big problem in the United States today. The lending creditors are taking advantage of consumers, which pile up charges on their credit cards, to the point they are unable to pay of f the card at the end of the month. Consumers end up relying on the credit that is provided by the card issuer. It becomes a ‘means to an end’ and the worst kind of debt consumers can accumulate A Good way to cut down on credit card debt is, not to chargeRead MoreCredit Card Debt Among College Students Essay2362 Words   |  10 PagesThe explosion of credit card use among college students has woven itself into the fabric of campus life ultimately impacting how students interact and begin in the financial industry. As students gain more freedom away from home they often begin to experience various social changes. One area in particular that is cause for concern is the number of students incurring credit card debt. Due to growth in credit card usage and the rise of debt, the ideas discussed in this paper represent the growing needRead MorePersonal Note On Credit Card Debt726 Words   |  3 PagesUsing your credit card as you financial lifeline puts you at compromising positions when you run into debt. Your credit card debt could get so high such that your minimum payments a re unable to actually pay down anything. To ease your money troubles, you could take some steps to get relief from your credit card debt. All you need is the right help and advice to put together a plan that will enable you get your finances back on track and out of debt. For starters, if you are able to meet your payment