Name ____________________________ DQ: How is credit card interest impacting the American society? Teacher:___________________________ Senior Project Topic Map Investopedia says, "[...]the fee paid for the privilege of borrowing money. This fee is the price a person pays for the ability to Credit card interest rate spend money today that would otherwise take time to accumulate." Americans who use American society credit cards (78.3 % of Americans according to a study from the Federal Reserve Bank of Boston) Define Your Key Term(s) Above Name ____________________________ DQ: How is credit card interest impacting the American society? Teacher:___________________________ Credit Cards Important Event 1 (Beginnings) In the article "A brief history of: Credit Cards" by M.J. Stephey it states, "In 1950, Diners Club History of your key term issued its first card--made of cardboard--for use in 27 restaurants in New York City." " Important Event 2: Stephey writes, "American Express, which had specialized in traveler's checks, created its card in 1958 [...]" Important Event 3 Stephey continues, "[...]the same year, Bank of America mailed its first 60,000 BankAmericards (now Visas) to residents of Fresno, Calif." Current State 78.3% of Americans have a credit card and creditcards.com reports that the average credit card debt per household with credit card debt is $15,799. The same website also reports that as of July 2011, the average APR on new credit card offers is 14.89 percent. In February 2010, the Federal Reserve board created new consumer protections. Name ____________________________ DQ: How is credit card interest impacting the American society? Teacher:___________________________ Credit Cards Reason 3: Reason 1: Racial Reason 4: disparities Financial illiteracy "In 2004, of those with credit Reason 2: Credit Creditcards.com Personal debt cards, 84 percent of African- American households carried scores determine a states, "36 percent - Paycheck-to- credit card debt compared with person's ability to of respondents said paycheck 54 percent of white households. (Source: buy a house, car, they didn't know Demos.org, "Borrowing To get a cell phone, the interest rate on - No savings Make Ends Meet," November 2007)" etc. the card they use - No safety net most often." Above, give reasons why your key term is important. Name ____________________________ DQ: How is credit card interest impacting the American society? Teacher:___________________________ Struggling to make Living beyond one's Lower credit score = Consumer Debt minimum payments means higher interest rate Elizabeth Warren, consumer Chuck Bentley, CEO of Crown advocate, attorney, political Liz Pulliam Weston Suze Orman Financial Ministries candidate Cut up credit cards and pay with Follow advice of experts to Lower interest rates, make credit cards harder to Safety standards for credit products obtain, increase minimum payment, consumer cash improve credit score education in high schools What are the problems and solutions related to your key term?
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