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Who Can Stop Credit Card Abuse - Online Essays

Who Can Stop Credit Card Abuse


Credit cards have become such a familiar feature of the life style in the world that it is difficult to imagine a consumer economy functioning without them. The credit cards are nowadays the most convenient of all types of payments. The boom of the credit card industry has affected everyone in the world of the "plastic money". That was the name given to the credit card right after it was invented. Nowadays, the "plastic money" occupies a very important place in the economy of the country. "Settlements indicates that the number of credit cards in circulation increased 34 percent between 1988….. The data also show that the value of credit card transactions increased 98 percent ...

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business remains to be Diners Club.
In 1949, as the luncheon tables were cleared at the Major’s Cabin Grill, a popular New York restaurant of the period whose location next door of the Empire State Building was then a considerable asset, three men sat huddled over a prime table off to one side …. In their excitement, they called over Major, the proprietor and asked him how much he would pay for business that he would not ordinarily get. Without flinching, Major replied "7 percent" , number that established a major industry (Lewis, 1990).
` Those three men were Alfred Bloomingdale, Frank Mc Namara and Ralph Snyder. They conceived a plan for a new type of credit card. Unlike the retail and gas credit cards, which were restricted in use to those industries, theirs would be "universal" card that allowed its holders to purchase goods and services at different places across the country. An industry was born, Diners Club
As a matter of fact, the period right before the ...

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that explain the fast increase of the use of the credit cards? As one reason that might explain the phenomenon, some people may think that carrying a credit card is much easier than having cash or a checkbook in their wallets or purses. There is no doubt that the "plastic money" doesn’t bother in a wallet or a purse because of its tiny size.
Another reason that may explain the credit card fever is that it allows its holders to spend the money they haven’t got yet. Actually, it looks like free money, although it really isn’t. That is the case of the college students who have credit cards and whose parents will pay the debt their child has created.
The strongest ...

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Who Can Stop Credit Card Abuse. (2005, April 12). Retrieved March 28, 2024, from http://www.essayworld.com/essays/Who-Can-Stop-Credit-Card-Abuse/25215
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PAPER DETAILS
Added: 4/12/2005 12:26:00 PM
Category: Miscellaneous
Type: Premium Paper
Words: 1867
Pages: 7

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