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Example research essay topic: Credit Card Net Income - 1,111 words

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... says MasterCard spokeswoman Catherine Cummings (Dinnen 14). Not that some students dont show some savvy. The managing partner of Student Monitor, a New Jersey company that researches college-students spending patterns, he chastises colleges for ousting credit-card marketers as theyre raising tuition at levels well above the rate of inflation (Dinnen 15). Young and in Debt A lack of financial awareness may be contributing to serious money woes among 18 - to 29 -year-olds, according the GE Center for Financial Learning, which runs money-management courses. The center surveyed some 450 Americans in that age group and learned that following: 63 % rely on family and friends for financial information 40 % have saved or invested $ 5, 000 or less 35 % were at least $ 5000 in debt, excluding college loans 24 % had to move back in with parents or friends because of debt or other financial considerations 4 % had to declare bankruptcy (Dinnen 16) Sale Pitches Increase Your Debt Each week, banks send thousand of pre-approved credit card solicitations.

Nearly 3 billion solicitations are sent out each year to consumers (credit 1). Out of all of those that are sent out only a small percentage are ever returned. Credit card companies send these to people who already have credit cards and make timely payments. If they get the cards they are likely to make the minimum payments. They like it when people have to struggle with another credit card charged to the limit. CREDIT TIPS: 6 THE BEAUTY OF BUDGETING Take time to establish a monthly budget for yourself, one that includes realistic figures for credit card payments.

Monitor your bills and compare them with your budget every month, making spending adjustments when necessary. To avoid overextending yourself, keep your monthly debt obligation below 10 percent of your monthly net income (after taxes). For example, if your net income is $ 800 a month, your monthly loan payments shouldnt be more than $ 80. That includes your credit card payment because your card is a loan, after all. Preparing for planned and unexpected expenses is the best way to guarantee that your credit history remains strong and unblemished over time. USE YOUR CREDIT How you handle your bank accounts and other responsibilities may affect your credit worthiness, so the best way to establish a credit history is to exercise the credit already given to you.

Use your credit responsibly. And be especially sensitive to the payment agreements you made when you established your accounts. LIMIT YOUR LIMIT The credit limit shown on your statement is the maximum amount that the institution that issued your card is prepared to lend you, based on your income and credit history. Avoid spending to your limit. Its a good idea to set aside a portion of your available credit so you have it for emergencies such as car repairs or unplanned medical costs. Although many lenders will consider increasing your limit upon request, a roadside garage is not the most comfortable place to make this call.

Spending over your limit is usually considered a violation of your account agreement and may add additional fees or penalties, or force the freezing or cancellation of your account. BE ON TIME, EVERY TIME When a bill or Visa card statement arrives at your home, the most important item to notice is the payment due date. Whether you choose to make the minimum payment or pay the total outstanding balance, your payment must reach the financial institution or business by the payment due date. Otherwise, it is considered a late payment and will probably appear as such on your credit history. Late payments can also be more expensive by incurring penalties, extra fees, or additional finance charges.

If the account due date consistently falls at an inconvenient time of the month (a week before payday, perhaps) contact the organization to see if it can change your billing cycle, or adjust your budget accordingly. LEARN THE MINIMUM MAXIM The minimum payment on your Visa statement is just that: the minimum that the lending institution will accept for that specific month. Always be prepared to make at least the minimum payment. If you wish to reduce your finance charges, or plan to make a number of additional purchases in the coming month, consider paying a larger amount. KEEP IN TOUCH If you change your name, address or job notify your lending institution immediately. Your payment could turn into a late payment in the time it takes for a statement to be forwarded to your new address by the postal service.

Send your updated information before the fact, not after. Also, contact your lender if you cannot make a payment on your account for any reason. Special payment options or arrangements may be arranged that will satisfy both you and your lender, while keeping your good credit history intact. Consolidate Bills Consolidation loans replace your high interest credit card debt with a moderate interest loan. End sleepless nights, arguments, and worry.

Here are the keys to success. Consolidation loans will reduce your bleeding cash flow. A consolidation loan pays off your high interest loans and leaves you with a single loan at a more reasonable interest rate. You will have only one monthly payment instead of 5 or 10.

You will be paying much less interest every month. You will be accomplishing more with your life. Credit card debt carries the highest interest rates of almost any debt. Many people have a number of major credit cards and a dozen or more store credit cards. Some can hardly keep track of all their payments. The average person carries high interest credit card debts of $ 5, 000, $ 10, 000 and even more.

No wonder they are falling behind in their payments. Credit card debt can cost the average family hundreds of dollars a month in excess interest alone. This drains family income, causes sleepless nights and frequent family arguments. Credit card debt must be eliminated or at least reduced to restore a sense of peace and tranquillity to your home. Only then will you be stop being so depressed and be able to sleep peacefully. Credit cards and college students are something that some think is a bad idea and others think is good.

Whatever you think it is still important to have a credit history and as long as that is true they will have credit cards. Most get them to get better credit histories but end up with worst. I have told you about debt and college students and how to try and control it. The only person that can control your debt is you.


Free research essays on topics related to: credit card, high interest, net income, college students, due date

Research essay sample on Credit Card Net Income

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