Who Can Stop Credit Card Abuse

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

business remains to be Diners Club.
In 1949, as the luncheon tables were cleared at the Major’s Cabin Grill, a popular New York restaurant of the period whose location next door of the Empire State Building was then a considerable asset, three men sat huddled over a prime table off to one side …. In their excitement, they called over Major, the proprietor and asked him how much he would pay for business that he would not ordinarily get. Without flinching, Major replied "7 percent" , number that established a major industry (Lewis, 1990).
` Those three men were Alfred Bloomingdale, Frank Mc Namara and Ralph Snyder. They conceived a plan for a new type of credit card. Unlike the retail and gas credit cards, which were restricted in use to those industries, theirs would be "universal" card that allowed its holders to purchase goods and services at different places across the country. An industry was born, Diners Club
As a matter of fact, the period right before the ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

that explain the fast increase of the use of the credit cards? As one reason that might explain the phenomenon, some people may think that carrying a credit card is much easier than having cash or a checkbook in their wallets or purses. There is no doubt that the "plastic money" doesn’t bother in a wallet or a purse because of its tiny size.
Another reason that may explain the credit card fever is that it allows its holders to spend the money they haven’t got yet. Actually, it looks like free money, although it really isn’t. That is the case of the college students who have credit cards and whose parents will pay the debt their child has created.
The strongest ...

Succeed in your coursework without stepping into a library. Get access to a growing library of notes, book reports, and research papers in 2 minutes or less.

CITE THIS PAGE: