nate35rob — 2014-09-08 14:21:02 UTC

nate35rob — 2014-09-08 14:21:12 UTC

nate35rob — 2014-09-08 14:21:21 UTC

nate35rob — 2014-09-08 14:31:01 UTC

There are several ways to slip into credit card debt these days. Some of the common causes of credit card debt include student loans, late car or house payments, and credit card theft. There are many other causes to credit card debt but these four are the most common. A freeloader is someone who takes advantage of someone or something. Some credit card companies feel that people who pay off their credit card debts too fast are freeloaders, because they do not allow the interest to kick in. Credit card companies lose money when people pay their debts too quickly. They prefer that the people make late payments, that way they can charge them with late fees. If you pay even a day late your interest rate can possibly go up about 20 to 30 dollars. If you wait even longer to pay them, they can raise your interest up to 20% more. To create balance, credit card companies throw hidden fees at their customers. They apply fees for things like, early termination, or not using your card in a long period of time. Their ultimate goal is to not lose money and have to close down their businesses. That is why they try everything they can to maintain balance. Today, an excessive amount of people are furthering their education and deciding to go to college. However, the tuition price of school has risen substantially. This is creating a large amount of debt for some people after they graduate college. This debt nationally is now larger than the nation’s credit card debt. Citizens are now struggling to pay the debt and this is creating problems with their own credit card debt they have also acquired. Now with their credit card payments not being done with hurts their credit score. This causes a higher interest rate with all of their loans; especially credit card debt. Credit card debt has gone up in the past twenty years, and although a mountain of debt can seem overwhelming, there are many different options when it comes to choosing how to pay it off. According to the speaker in the video, there are a few different levels of debt. When it comes to paying off medium level debt, the first thing you should do is raid your savings account. If you have more than one credit card, pay off the one with the highest interest rate first. Another good idea would be to eliminate store credit cards, since there isn’t much of a benefit to having them. If your debt is the worst case scenario, you have even more options. You can sell a major asset, take out a home equity loan, or borrow from your life insurance policy or 401K. Most of these options come with major risks, so if you’re unsure of what to do, you can look into credit counseling for guidance. You should only file for bankruptcy as a last resort. In 2013, hackers in Russia hacked Target and stole thousands of customer’s credit card information. To protect customer’s credit card information, many companies and countries are trying to develop new ways to protect the information. In Europe, most countries use the chip system rather than the swipe system. The chip system uses a chip that the costumer scans rather than swiping their card. The chip system is much safer to use because it is easier for hackers to use swipes. The C.E.O. of Target encourages the use of the chip system rather than the swipe system.

nate35rob — 2014-09-08 16:16:56 UTC

Where are the bullet points???

clorch — 2014-09-09 14:47:57 UTC

Score:

Total: 31/35

Overall, it's very nicely done. I like the background and the artwork!

"customer's" should be "customers'"

clorch — 2014-09-09 14:50:19 UTC

Bullet Points

nate35rob — 2014-09-10 14:08:53 UTC

Credit Card Hidden fees

- Credit card companies are losing money because people are paying their debts off too fast

- They throw hidden fees at customers because they see them as freeloaders.

- If you don't pay on time, you could be paying $20 or $30 more. If you continue to make late payments, your interest rate could go up to 20%

-Student Loans Exceed Credit Card Debit

-Student loans have gotten so large that it is hurting peoples credit score because the can't make those high payments.

-By lowering the people's credit score their intrest rate for credit card or any loans are increasing.

-There are two main levels of debt: Medium and Worst Case Scenario.

-For Medium debt, you can raid your savings account, pay off the most expensive credit card first, and eliminate store credit cards.

-For Worst Case Scenario, you can sell a major asset, take out a home equity loan, etc.

-Filing for bankruptcy should only be an option if you have no choices left.

Credit Card Group Assignment (4.4) by Nate Robert-eze

Where are the bullet points???

"customer's" should be "customers'"

Bullet Points