Bad Credit Cards

Some Americans convey been under the impression that impute card game atomic figure of speech 18 a valu able financial tool beca give character card game cast them leverage with their ascribe scores and also can make it assertable to purchase and do things they may not otherwise be able to do. Even though this may be true for some this is not always the case. acknowledgment cards be harmful not merely to the American lots finances but also the economy. Credit cards ar the number one reason for personal debt and bankruptcy in America nowadays because of little or no taste of interest rates and the false sense of security that owning multiple cards demonstrates.Most Americans consume the desire for a much convenient lifestyle and reference point entry card companies make it so easy to deem their cards that it has become a trend in America for most families to have at least five or more identification cards per household. The advanced importance society has pl aced on establishing credit has started to pass around Americans eyes on how credit card use has impacted their pockets financi anyy as well as the pockets of the top three major credit bureaus. It is no secret that without credit cards it is almost impossible for Americans to obtain certain items like reserving hotel rooms, renting a car and, purchase air passage tickets.Americans have been sucked into the policies of the credit card companies. The tops three credit bureaus, Transunion, Experian and Equifax tout ensemble exist because of the requirements society places on developing credit. These bureaus have the power to break how much credit a person has and if that person is entitled to mystify any more credit. Credit bureaus determine whether a person gets a car, home, or business contribute making it a necessity for the American consumer to attain credit stature by obtaining credit cards. In at presents society they be a must-have.Studies show that the United States h ouseholds have received approximately 5. billion new credit card offers in 2009. This push from the credit card companies is pressuring Americans to place such a uplifted importance on using credit cards that many Americans argon not stopping to read and understand the contracts that they are signing. The shocking righteousness is that even if Americans were taking the time to read the contract, some would still not understand what the contract was actually saying. On average the United States credit card bargain is written at a 12 pattern level, please note that most Americans who receive a amply train diploma read at a ninth grade level even though they received 12 age of education.The toughest card agreement to read is from GTE Federal Credit Union. Their contract is set at 18. 5 reading level, which is the reading level equivalent of someone who has spent more than six years in college. The credit card companies have so many rules and hard to understand terms with their c ard contracts, that most Americans do not take the time to research and understand the rules this causes debt and a colossal amount of it. Once the debt is there the credit bureaus are making specie because Americans have to pay to check their credit score.Americans nowadays have a strong desire for the simple lifestyle credit cards give them the feeling that they are achieving this because of the ease of spending and false ideas of financial security. The regretful truth is that credit cards are the leading cause of high debt and bankruptcy in America. Even, if someone does have good credit and are on time with the payment every month they pay high interest if the broad(a) balance is not paid in full distributively month, which most Americans cannot afford. Some Americans pay the minimal amount each month. This is the credit companies biggest snafu.The minimum payment is an interest-only payment and does not decrease the loans principal. If they would do the math they would s ee that it would take 180 years or more to pay off their credit card debt. That is an direful amount of time. The United States total revolving debt is $852. 6 billion as of manifest 2010, of which 98% is made up of credit card debt. The average credit card debt per household is $15,788. These statistics are far too high. This makes it easier to understand how debt is the number one reason Americans are suffering financially.The total bankruptcy filings in 2009 reached 1. million, which is up from the 1. 09 million that was recorded in 2008. Americans are so absent-minded by the credit cards that a study was done in 2006 by the United States Census Bureau that determined there were some 1. 5 billion credit cards in use in America. A stack of all those cards would reach more than 70 miles into space and be almost as tall as 13 Mount Everest as reported by the New York Times on February 23, 2009. An important factor in credit card debt is the penalty fees Americans are receiving f rom card companies.In 2009 penalty fees added up to be 20. billion dollars gibe to R. K. Hammer, a consultant to the credit card industry. Aside from the vicious debt cycle, other issue with credit cards is mockery. In todays culture, people are not finding the honest neighbors and trustworthy merchants, found in past generations. Now Americans have the World Wide Web or Internet, where consumers can buy almost anything they like with a couple clicks, and, of course, a Visa or MasterCard. This high speed Internet has given todays thieves a high speed means to steal credit card information and turn a 780 credit score into a zero within minutes.In 2009 the number of identification fraud victims in the United States rose 12% to 11. 1 million, which is the highest level sense the Javelin scene began in 2003. All this fraud has Americans choosing their number one fear today not as terrorism, health viruses or personal safety it is fraud that they fear and stress about the most. All t his is taking a ships bell on Americans and slowly making them aware that not everyone is nice and trusting. non just that, but it is killing the economy little by little.Americans are purchasing less because the fear of falling into debt or becoming a victim of fraud is becoming a very real scenario. In a recent report done by Consumer Report cartridge clip in November 2009 surveys showed that 21% of consumers said they were treated unfairly by credit card companies and 32% have paid off and closed their accounts. half reported the reason for canceling the accounts was the card issuers hiking up their interest rates and high-minded high account fees. Also in the report 45% of all consumers said they are using their cards less because they trust the credit card companies less.A Javelin study performed in 2009 showed credit card use has plummeted from 97% in 2007 to 72% in 2008, which is a 25% project within over a year. All this debt and fraud is taking a toll on Americans and the economy, little by little Americans are purchasing less because the fear of credit card debt or becoming a victim of fraud is a very real life scenario. Americans are starting to slowly remember and realize that what was once borrowed must be paid back and that if they do not have the cash for it thusly perhaps they do not need it.