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The Consumption Of Credit Cards Essay

  • Submitted by: jentgger
  • on December 6, 2011
  • Category: Miscellaneous
  • Length: 835 words

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Below is an essay on "The Consumption Of Credit Cards" from Anti Essays, your source for research papers, essays, and term paper examples.

In today’s economy acquiring debt is not the most ideal situation to be in however credit cards are powerful tools that enable us to make financial decisions when our cash is limited. However we often question ourselves with question of why? Why do we feel so compelled to acquire these credit cards which could lead to great advantages or disadvantages depending on the use? The answer to this question is simple, various companies advertise their credit cards depicting the benefits as a society where only you are eligible through application making it seem as an elite society where once you’ve entered it your world is complete. Often we feel drawn to these pieces of plastic because of the reward system, the substantial amount of money and the elitist status that you gain. Although this is a great gain we must also remember that credit cards can often lead to debt when misused and this can lead to greater consequences.

Many people consume credit cards, compared to debit cards and checks, in order to reduce the difficult situations that fraudulent cases require, this situation allows the minimal possibility of this outcome. The difference is that with a credit card money will not be supplied if payments are not made. Though as far as checks and debit cards are concerned when fraud has taken money one must wait to receive the money back. For instance, if an account number or check book was stolen and used to withdraw money from a debit card the bank must have proof so that a refund may be distributed back to the card. On the contrary, if fraud was committed on a credit card or a credit card number was stolen the credit card company will work with merchants to prove the fraudulent case and payments will only go to the undisputed charges. Further more, everyone is worried about the possibility of their personal information being exposed. Personal information present on a check can’t be easily taken away like that of a credit card. Some checks offer identification...

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