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					Peter Nguyen 10/10/05 ENC1102 James R. Fleming Annotated Bibliographies

Openshaw, Jennifer. 12 September 2004 http://www.missoulian.com/articles/2005/09/16/families/fam01.txt. 2005. This is a brief article about the abuse of credit cards among college students and adolescent teens. Provided in this article are statistics on how much the average user spends on credit cards, an amount that totals $180 billion annually. This article also mentions ways to curb credit card abuse by having a user instill early habits, such as the fundamental use of a debit card. The author also mentions how money problems can linger into one’s personal life and marriage. This article would help one add solutions into my research by providing strategies and ways to help curb credit card abuse. The one aspect that this is unique is that he includes not just college students, but teenagers as well. Something that I would like to mention to state that it is not only a problem in young adults. Teenage spending should be based on parental guidance and common sense. Teenagers should learn the benefits of spending wisely and the consequences of careless spending. Uss, Christina. “Are student Credit cards right for you?”1 July 2005. http://www.youngmoney.com/credit_debt/credit_basics/050926. 2005. This brings about the main question that if having a student credit card is a practical option. The article also explained the terms and benefits of healthy credit. Also provided were valuable statistics of credit card expenditure. “Only 21% of Undergraduates with credit cards pay off their credit cards each month. The average outstanding balance on undergraduate credit cards was $2,169 in 2004, the lowest average balance reported since 1998.” This article also lists reasons why companies are apt to give credit cards to students. What makes this article unique is that it questions the practicality of credit cards and offers more cons than pros of having one.

Boyce, Sanyka. “ConsquencesCredit” 9 October 2004. http://www.youngmoney.com/credit_debt/credit_basics/050804. 2005. This electronic source brings about the topic of how bad credit can affect one’s job opportunity, housing, and future savings. Credit is an important topic to mention because it is a financial report card that can be utilized in many ways. It can be looked at when purchasing a car, a house, or any expensive investments. Vendors and landlords look unfavorably on late payments. Good credit is applied to those who are able to pay bills in a reasonable amount of time. This article is a long three part description on everything one should know about credit. PBS. “The secret history of Credit cards” 8 May 2004. http://www.pbs.org/wgbh/pages/frontline/shows/credit. 2005. This is a very useful site that explains the history of credit cards, but however it is not geared specifically towards college students. I do not plan to dwell on this topic during my paper but it’ll be good to briefly mention how our credit card system operates. It also showcases interview transcripts of prominent people in the financial industry ranging from bank executives, federal regulators, and consumer advocates. It is important to have someone in this field be mentioned in the paper. Whether he or she supports my research depends on how one plans to use it. By quoting prominent people, this article will reinforce one’s awareness of credit card debt.

Song, Gonzalo. Personal Interview. 8 October 2005. Gonzalo Song is a person I know who frequently uses his credit card. He is currently in credit card debt and is working on paying off the debt. He says that he regrets using a credit card as it is a burden for him in the upcoming year. He also found himself gambling online to pay bills off, but that venture put him into debt even more. This is a classic example of how debtors increase their situation by finding loopholes in money. During the interview he warns of only spending on things you can afford. He advises not to abuse credit card limits and expect monthly payments to be an easy thing especially if a minimum balance looks affordable. An advice he gave to everyone was to start off with a credit card so that you may only spend what you can afford. But for those who want to build credit, they should only spend it on little things such as gas and food.


				
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