Post 1950-Life After the Advent of Credit Cards
Post 1950- Life After the Advent of Credit CardsLife has changed in many ways since the advent of the credit card. Since their inception into society in the early 1950's, credit cards have changed the way consumers approach purchasing goods, amass and pay off debt, and view the concept of interest. While not all for the good, the entire economy has changed because of this fairly new technology being introduced into society. Credit cards have changed the buying habits of the average American consumer. For example, credit cards tend to make the customer more susceptible to buying on impulse. Anyone who has spent some time in an airport or hospital gift shop will attest to this argument. In these particular stores, there is al
Bankruptcy can come into play when the debt becomes out of control. No one really needs these things, but because we have the convenience of our cards, the thought never crosses our minds, and within seconds the sale is made and we're stuck with the junk. Now, because interest rates on credit cards are most likely higher and in some cases significantly higher than interest on a loan, consumers are exceedingly aware of interest rates. A smart consumer will keep this rate in mind when making his or her purchase, even with the chances of an impulse buy more likely with a credit card. Americans are now more familiar with the concept of interest as a result of use of credit cards. The consequences of not paying are harsh: including repossession, garnishment, legal action, foreclosure, and, as discussed, bankruptcy. These charges can pile up quite quickly, and the next thing you know, a major debt is on the consumer. With most standard credit cards, there is a high rate of interest that the consumer is contracted to pay with each credit purchase. most nothing of real value or use to the consumer, yet people can be seen leaving the shop with armloads of junk ranging from Styrofoam cup holders to a two-inch scale replica of the Statue of Liberty. ------------------------------------------------------------------------**Bibliography**. In the past, the one of the few times interest was dealt with was when a loan was being made through a bank or loan office. In some cases credit is even offered to low-bracket taxpayers with negative bank accounts, who are then exposed to great temptation to spend more than they know how to repay. It has a given us a broader understanding of theeconomic terms "debt" and "interest", and it has enabled consumer life to run at a slightly higher pace. Personal bankruptcies increased every year for almost ten years after credit cards became widely used. In conclusion, this fairly new technology, the credit card, has made life as a consumer a life with more options.
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