More books here: Money and Credit Cards - 2
Credit cards –also called plastic money– are everywhere, for almost every financial transaction, used by almost every citizen, every institution.
The big jump of credit cards is that contrary to paper money, credit cards can be used to buy products no matter the distance of the supplier, no matter the hour of day/night, no matter the transaction language, no matter the gender or age.
Just a few of the transactions we see daily with credit cards:
The following are publications and EBooks from government agencies and/or industry and universities related to one or more of the above fields and activities of credit cards.
How does credit card fraud occur? Credit card fraud happens when consumers give their credit card number to unfamiliar individuals, when cards are lost or stolen, when mail is diverted from the intended recipient and taken by criminals, or when employees of a business copy the cards or card numbers of a cardholder.
If your credit card company is going to make changes to the terms of your card, it must give you the option to cancel the card before certain fee increases take effect. If you take that option, however, your credit card company may close your account and increase your monthly payment, subject to certain limitations.
Tell the teens how the card works – starting with the connection between charging one month and paying the next. Emphasize that it’s not free money unless the balance is paid in full before the grace period expires. Explain interest and how it adds up if the debt continues to grow. Look at the fine print and review other key terms such as late fees.
In the simplest of terms, a credit card is a loan. You’re the borrower, the credit card issuer is the lender. When you buy something, the credit card issuer pays the store or whomever on your behalf, and then sends you a bill around the same time each month.
American Express, MasterCard and Visa manage their chargeback processes individually and so their rules are slightly different. There is usually a time limit to make a chargeback claim (between four and six months). It’s worth checking with your credit card company exactly what protection is available to you. Under the industry’s Lending Code rules, they have to give you this information.
There has been growing concern among some college and university administrators that the aggressive marketing of credit card companies on college campuses has substantially contributed to the recent rise in credit card debt on college campuses.
If your credit card balance grows from month to month, that’s a sign that you are overspending and could be on the road to serious debt problems. Stop using your card until you get your debt under control.
Having a good credit history is very important. If your credit history is poor, a lender can refuse to give you a loan. You may not be able to get a mortgage to buy a new house, or take out a personal loan. If the lender does decide to give you the loan, a poor credit history may mean you will have to pay a higher interest rate.
Why was I turned down for credit? The shop or lender you applied to made this decision. We are not told why you have been refused – only the shop or lender you applied to can tell you this. The shop or lender may have turned down your application for credit because of information on your credit report or as a result of other information they have (such as the information you provided on your application form).
Older and younger groups are not only of different ages, but have had different kinds of experience and opportunities (such as in education) and have lived through different time periods (taking in periods of falls and rises in the housing market, for instance). These experiences may help to shape attitudes towards credit, the willingness of different groups to borrow and the amounts, if any, they feel comfortable having on credit.
A longitudinal study of single and married mothers examined the relationship between marital status, poverty and depression in a sample of inner-city women. The study found that the risk of depression among single mothers was double that of married mothers and that there was a correlation between long-term depression and financial hardship.