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Essay / Research Paper Abstract
This 15 page report discusses consumer credit -- its use, its availability, its purpose and function. Establishing a credit record is a simple enough process and is a fundamental aspect of most Americans’ lives but understanding the process of how credit actually works is far more complicated than opening a checking or savings account. This report address issues relating to personal credit such as credit card issuance and terms, consumer debt, and personal money management. Bibliography lists 8 sources.
Page Count:
15 pages (~225 words per page)
File: D0_BWcredit.rtf
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Unformatted sample text from the term paper:
Having a stable history provides an individual with a vital base for all aspects of personal financial management. If a persons report shows problems, he or she may not be
able to purchase a home, buy a car, or borrow money for any reason. Consumer Credit (and Debt) in America short-term debt, perhaps
the most controversial force in the booming U.S. economy, is approaching a historical turning point. Having risen at an abnormally fast rate for ten years, it must soon adjust itself
to the nations capacity for going into hock, . . . which is not limitless. Whether the rate of growth in debt will slow down is no longer the question
. . . it must slow down. Such a statement appears to strike a note of alarm, and well it should. After all, outstanding in the United States has reached
the unprecedented level of $1.23 trillion. card debt alone amounts to $528 billion of that total. According to Smith (1998), a survey conducted
by the Federal Reserve Board entitled "Survey of Consumer Finances," during the period 1989 to 1995, the proportion of families using cards for borrowing rose significantly--from 40% to 48%.
Those in the bottom half of the income scale increased their ownership of cards from 45% in 1983 to 54% in 1992. That continues the democratization of which has
made once available only to the wealthy, available to people of modest means who show an ability and willingness to repay their debts out of their future earnings. The
result has been that large numbers of families have had access to to improve their standard of living and to purchase goods and services today and pay for them
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