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Credit Cards
Start of Term Paper
are quickly becoming a major problem for the American people. It is so easy to get into debt with a credit card, and anyone with a mailbox and a pulse can get one. Many Americans can't get out of debt and they run into credit problems; some ev .... Middle of Term Paper
... more than a third, and sent out another three billion offers in 1997 alone (Dollars and Sense). The new targets for these credit card companies are the low-income household families. While 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 minimum payment 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 j ... |
| Number of Words: 2269 |
Approximate Pages: 9 |
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