Credit Cards

Credit Cards An American Way of Life Credit carte du jour be quickly becoming a major enigma for the American people. It is so easy to realize into debt with a character note, and anyone with a mailbox and a pulse can flap one. Many Americans cant get out of debt and they run into credit problems; somewhat even file for bankruptcy. The reason it is so easy to drop a credit pecker is that when you use plastic rather of cash, you spend more because you dont emotionally register the pain. If you lay big money $50 at lunch, youll notice if its a $50 bill. With a credit card, you dont even realize what you paid. The typical American carries fin to seven credit cards with an average balance of $1,670 per card (People weekly).

Banks are pushing the credit card to consumers in an confinement to make money on the interest rates and miscellaneous fees that can be charged. Since the early 1990s, banks have upped the credit delimitate on customers cards by more than a third, and move out another three billion takeers in 1997 solo (Dollars and Sense). The new targets for these credit card companies are the low-income household families. spot only 20% of poor families had a credit card in 1983, 40% did in 1995.



Their balances were higher than ever, exceeding $1,300 on average in 1995, up $700 from 1983.

The reason these credit card companies are focusing on the low-income people is that once they are in debt, they can only afford to make the lower limit cook upment and therefor can never pay off the balance of the credit card. For example, it would take 34 years to pay off a $2500 balance if a person rightful(prenominal) paid the banks suggested minimum payment. The middle class is...

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