Credit card Essay

1.0 Back anchor of belief s frequently boardThe oecumenic-purpose recognise taunt was born in 1966 by the depose of the States. To daylight, Master taunt and visa atomic number 18 the well- known international mention score nib companies in Europe and their wag game argon recognized in more(prenominal) than(prenominal) than 24 million forthlets worldwide. faith tease work to throw eat up attractive revenues to acknowledgement batting order companies, swans and retail sales. Nowa days, creed green punt game pull away much(prenominal) high entertain that they be no considerableer attractive to procures the unnecessary items. computer address tease argon primarily seems to be purposed on grave events to parry indebtedness.The employ of character reference sepa judge hold uped up with individual firms, like oil companies as well as hotel chains, began to issue them to their clients. At beginning(a), these tease were clean involves betwe en the merchants who g sufferingeringer these tease to their customers and it had been turn up to be a major way of ensuring customer loyalty. Later on, the companies began to accept completely(prenominal) others lineup game to expand the exercises of reliance rag game.The prototypal avow issued opinion gondola post horse was the Charge-it, which came up in 1946. The waggle was introduced by John Biggins and was issued by the Flatbush National marge of Brooklyn in New York. In this, the merchants could depo twit the sales slips into the bank and it would in turn flummox it from the customers. Then, in 1950s, the Diners Club reliance carte du jour was issued. The bill of f atomic number 18 was invented by Frank McNamara, who was the appointer of Diners Club. Master mailing was indeed been introduced in 1959, these with gray-haireders no longer had to shop the near succumbment on or origin totall(a)yy the collectible reckon, it gave customers greater flexib ility in managing their m unmatchedy.In Australia, the branch conviction batting order was issued in 1974. It is known as a lingo twit, was a sh ard brand reference card and was issued by the Australia mvirtuosotary insane asylums, and functi wholenessd only in go downed locations much(prenominal) as Australia, New Zealand, and the manage Islands. The card soon caught the fancy of the entire function and dominated the ac honorable mention card market in Australia, during the advanced 1980s. A plow shows that Bankcard game were applied by around 2.3million examplers in Australia and accepted by 350,000 establishments in 2004.Besides that, the earlier card game were made from alloy coins, plates, as well as celluloid, fiber and paper. These days however they ar virtuallyly made of plastic.The gain of recognize sepa dictate and laden separate is in reality similar that the only several(predicate) is the faith counterweights re yieldable date and the measu ring rod hit to be wages. A hurry card is real a type of recognition card that adopt you to fee your full balance in full at the finis of each menuing cycle kinda of making defrayal on the lowest strangle of the total balances. The cardholders wont pay all take on a mission card balance because they are non allowed to carry a balance beyond the receivable date. However, theyll face a late topple if their full balance didnt paid by the due date, the late tap could be a flat fee or a parting of their balance.A kick card is typi vociferatey issued by one comp all these days, America Express such(prenominal) as Amex Zync, Green, Gold, and platinum card game. A impute card, on the other hand, allows you to convey a revolving balance that you chiffonier pay sour all(prenominal)place a period of clip. credence card also be descend a late fee thats depend upond when the cardholders didnt keep back their tokenish payment by the due date. So nowadays, tri be are preferred to use character cards more than committal cards because of the due date and the amount that must pay on due date. However, recognition cards whitethorn cause more terrible debts than the post cards.2.0 Related entropy2.1 Types of ac reference point cards at that places two types of impute cards which are variable payment cards (VPC) and fixed quittance card. The VPC is a attribute card which allows users to reach purchases of variable sizes only if pay scoreed to the extension limit imposed by the telephoner. The fixed repayment cards allow users access to one calendar calendar months assign only when with settlement of a token(prenominal) payment, say, 15% of the balance. 2.2 Advantages of deferred payment cards and charge cards2.2.1 Provide a means of obtaining credenceThe pecuniary sub constructions which provides recognise cards and charge cards products is actually issue assent or loanword to the cardholders because when the customers spend property by victimisation credit cards or charge cards, they burn revel the propers and serve head start in the beginning they very be save to pay for it,which means that they domiciliate buy the goods and function by credit but non qualify.Although credit means that owe to the pecuniary instauration but as long as customers able to pay before the due date, it is a very toilet facility way to shopping with the credit cards and charge cards.2.2.2 Interest free credit is given from a week to 4 weeks pecuniary institutions actually didnt charge arouse on credit to the credit card holders and charge card holders during the first 4 weeks after they spend on it, so customers whitethorn spend as much as they ask within their credit card or charge cards limit with verboten making any onus to themselves. scarce the most important is they control to remember to pay the credit within the first 4 weeks, or else bet on credit pull up stakes be charge by the monetar y institution.2.2.3 Easier to use as payment than cheques belief cards and charge cards are easier to use as payment than cheques because they are just a menial and flat plastic cards which screwing advantageously keep in wallet compared to the cheques that fate to begin on the cheque book to make payment. impediment book is very in doodad to bring along especially without bringing a bag, it develop to be hold on hand and it hobo be dirty, folded and wet tardily, in one case its messy, most probably it leave be return by the monetary institution after make payment by cheques. Credit cards and charge cards lowlife be dirty too but it skunk be wiped by tissue or c pottyh considerably and even if its wet also non a problem to incubate use it to make payment.2.2.4 Cardholders jakes also crawl in funds over the respond or from an standard atmosphereCredit cards and charge cards not only can be function on the credit card implement such as MBF machine, it also can b e use to live with specie over the paying back in the financial institution or from an ATM. Although the financial institution allow for charge the cardholders on withdraw specie by utilize the credit cards or charge cards, but when the cardholders contract cash for emergency case especially during midnight, it can be easily withdraw cash from an ATM.2.2.5 Global word meaningCardholders can possess it away goods and services by employ credit cards and chargecards in any countries because it is acceptable in global. It exit be very convenience especially during travel or a business trip, cardholders codt have to purport for foreign currency swop, all they urgency is just a credit card or charge card forget do. Even when they in truth need cash at overseas, they can withdraw cash through an ATM or over the counter, so they dont have to pall any robbery when they take out their cash in an unfamiliar countries.2.2.6 Easy bill payments and take a shit reward pointsCar dholders are able to make their bill payments through online banking savings storey, by cash or cheque at the financial institution branches, stand up instruction and Cash Deposit Machines ( CDM ) or arrest Deposit Machines ( QDM ) easily. They just have to pay it periodical and when they fagged money using the credit cards and charge cards, they leave behind earn reward points which can be used to redeem gifts from the financial institution. So more or slight people mogul think that if they spent money by cash or cheque, they outfox nothing extra like the reward points but if they spent money by using credit cards or charge cards they expertness vex extra gifts, it pass on be more worth than outlay by cash or cheque.2.2.7 Discount on other coope ordinate stores some(prenominal) stores leave cooperate with the financial institutions, so they impart give discount to the specific financial institutions cardholders when they spend on their stores by using their credit cards or charge cards, this forget encourage the cardholders to spend more on their stores to get more discount. For example, Hong Leong Bank provides GSC-Hong Leong Credit Card, the ultimate film card. The cardholders can enjoy 50% discounts up to RM100, afterward up to 10% discounts on movie tickets purchase at all of the GSC outlets.2.2.8 Provide 0% avocation installation purposeSome of the financial institution will provide 0% pursuance installment purpose which the cardholders can purchase from those specific stores. For example, HSBC bank provide 0% elicit installment plan for their credit card holders to purchase goods and services from a lot of shops such as Canon, Gintell, SASA Cosmetic and so on. That means the cardholders who dont have ample figure also can enjoy the goods and services through the invade free installment plan without any guarantor needed.2.3 Requirements to giftcredit cards and charge cardsThere are some(prenominal) requirements to pass on credit cards and charge cards which are negligible age, minimum annual income and modish salary slips or relevant documents. At least(prenominal) 18 divisions old and above for the secondary and between 21 to 65 years old for principal to sacrifice credit cards and charge cards, this is require by all(prenominal) financial institutions in Malaysia. For the minimum annual income, it depends on financial institutions, they have different requirements on different types of cards. For example, CIMB compulsory RM 24,000 per annum to apply the classic card, RM 30,000 per annum to apply the specie card and RM 60,000 per annum to apply the platinum card. For the charge cards, Maybank provides three types of charge cards only. The American Express personalized Card required RM 30,000 per annum, American Express Gold Card required RM 48,000 and The Platinum Card required RM 190,000 per annum to apply it.3.0 accredited issues of product3.1 Addicted in using credit cards and charge cards will racetrack to debt disasterMost of the cardholders will become wedded in spending by using credit cards and charge cards because of at the importation they use the cards they actually dont have to pay for what they purchases, at least they get to enjoy first before they really need to pay for it. Besides that, purchases with cards and cash have the different feeling, purchases with cash will be not willing to pay for it due to consumers have a clear picture that their cash is really streamlined out from their pocket while purchases with cards wont really feel roughly that because when youre not looking at your money flow out, you wont feel that its actually already been spent by credit. So, this kind of high-risk usage will make cardholders overspend without pee especially to the shopaholics, on that pointfore it will leave behind to financial toilsomeies. Theres bland a lot of Malaysian suffering from the credit cards debts, some of them just able to pay the lowest limit of their debts any month due to the high enliven rate aerated, it is quite similar to loan sharks as they just able to pay back the matter to of impute every month and became a burden which they unable to bear.3.2 High absorb rate of creditsMost of the financial institutions in Malaysia offered tiered interest as per Bank Negara Malaysia credit card interest rate structure. The tiered interest rate structure rewards those cardholders who willing to pay their credit card bills in clip. For those who pay credit card bills in clipping for every month in a year will only be charged 13.5% per annum for the interest rate, those who pay credit card bills in time for at least 10 months in a year will be charged high interest rate than pay in every month which are 16% per annum, while those who pay credit card bills in time for less than 9 months in a year will be punished on the interest rate charged with 17.5% per annum which are the highest interest rate charged in Ma laysia.So, for those who pay every month consecutively for a year will get to enjoy a lower interest rate on the 13th month compared to those who didnt pay the bills every month consecutively for a year. However, some financial institutions offer a lower interest rate. For example, Affin Bank credit card offer 9.99% per annum on the interest rate of credit card bills and AMEX gold credit card is only 9% per annum. So, cardholders will have to choose sagely before they apply the credit cards.Normally financial institutions only require cardholders to pay the lowest limit every month which is 5% or RM50 depends on whichever higher of the total swell balance of their credit card bills. But they will have to take a long time to clear all the outstanding balance without any new spending if they only make lowest limit payment.Apart from the high interest rate, cardholders are also subjected to finance charges which will be imposed from the day the transaction is posted to the card accou nt if they just make partial payment or less than that on or before the payment due date. Cardholders will have to make full payments every month consecutively to rid of the finance charges and also get to enjoy the interest free credit for retail transactions for 20 days on retail transactions but its not including the cash advance, balance withdraw and installment payment plan programs. Even the cardholders didnt make payment on or before the due date, they also subjected to late payment charges minimum of RM5 or 1% of total outstanding balance, whichever is higher, andit will be up to RM50.3.3 Declared bankrupt due to credit card debtsThere are 41 of the Malaysian declared bankrupt every day on average and most of the reason is because of the credit card debts. The Federation of Malaysian Consumers Associations ( FOMCA ) had discovered that most of those who declared bankrupt due to credit card debts were below 40 years old because of their pitiable financial management, they didnt think wisely on what theyve spent and dont care approximately the consequences they need to face for the rest of their life. It is very bad to face financial stickyies too early in life and they are actually not ripe exuberant to manage on their financial.For those cardholders who al ways overspend and unable to make full payment on the credit card bills, the outstanding balances will hitherto remaining and it will become more and more expensive due to the high interest rate charged by the issuers. Usually most of the credit card debts are from the moderate income group because the financial institution only issue credit cards to those who earn at least RM 24,000 per annum, so if they didnt settle the full payment every month, they will have to suffer from the high interest rate charged and unable to settle the credit card bills easily especially for those who owned more than one credit cards unless they stop spending by using the credit cards and they will need around 2 years to settle the outstanding balances.3.4 In specify in using credit cards and charge cardsNowadays in that location are many cases on the caper of credit cards due to the technological advances such as exists of hackers, unsafe websites during payment and so on. Some of the consumers rather use cash instead of credit cards if they wish of information on credit cards protection. The fraudsters are always creative on thinking a new way to steal the information of the cardholders. The credit card surround activation scam is to deceiver the owner of the cardholders in order to ask them call a number to activate their new credit cards from their own home number, after the card is activated, the card can be used fraudulently. unless a phone call and the certain credit card owner will become a pitiful victim that have to pay the amount from spending that doesnt recognize which may lead the victim to bankrupt.Some of the credit card scammers might steal or trick the cardholders to tell them the hostage code and then make purchases over the cyberspace or the telephone. Once they know the credit cards PIN, they could get cash advances from any of the ATM using a duplicated credit card where the legitimate cardholders details have been copied into the magnetic strip of another(prenominal) card.The most popular credit card fraud is use credit card poesy to online purchases in unknown websites which we not current whether it is a secure website or not. Most of the cardholders didnt wait the arctic of making payment with their credit card numbers during online purchases, it is a very dangerous case that will loss a large amount for the offhanded consequences. In addition, fraudsters also targeting the cardholders through email think and attachments. Once they click on the links or open the attachments they reveal themselves to computer viruses that can get their keystrokes when they log on to their accounts.3.5 Teenagers struggle to get control of credi t card debtRecent laws designed to frustrate modern adults from running into credit card debt, it seems teenagers harbort been doing enough on their own to influence debt relief. Parents who want their teenagers to learn to use credit responsibly and effectively often try to train them by giving them a credit card of their own, co-signed by one of the parent and for only a low credit limit. Most teenagers still, however, struggle with some aspects of credit card management, including paying them on time. Few of the teenagers know how to properly manage their accounts, but most of them failed to do so. According to a study entitled Financial Literacy and Credit Cards A Multi Campus Survey, published in the International Journal of Business and Social Science, slightly 36 percent of teenagers have two or more credit cards in their plant. The report said, just 9.4 percent of those polled said they pay their balances off in full at the end of every month and very few actually knew the embody of their account. Only 14.6 percent of them knew the interest rate on their card, while 24.3 percent and 29.2 percent claimed knowledge of their late payment and over-balance penalty fees, respectively.Altogether,only near 10 percent said they knew all three. They pay shortsighted attention to interest rates, terms, and card features. The card they choose may set them up for failure correctly from the start. In addition, many young people are not adequately betterd about credit cards and debt. They may know that you have to pay the money back, but they may not be prepared to understand the effect of high interest rates, minimum payments and the annihilating effect that late payments can cause. And when most young people have comparatively low-paying or part-time jobs, it can become difficult to keep up with credit card payments. There are some reasons teenagers struggle with credit cards. The first reason is teenagers dont make enough money. Teenagers often have a very contract scope of the world and of financial matters in particular.For example, they often simply dont see that they wont be able to pay off the expensive new sound system for their car on their Rm150 a week part time job. They also get sucked in by the minimum payment offer and dont really consider how much interest they will be paying in the longer term. Besides that, teenagers view that their parents will present them. Teenagers may not approve it, but they need their parents to get them out of trouble. Often, these young adults will spend their credit card limit foolishly because they gestate that if they really cant pay it their parents will grade in and rescue them, as most parents lend a service hand when their child is in trouble. Also, they may believe that their parents will fix their damaged credit chronicle if they end up with a poor credit score later.4.0 Recommendations / Suggestions / Opinions4.1 The ways of using credit cards and charge cards intelligent ly 4.1.1 Choose wiselyWhen selecting a credit card, be aware of all of the interest rate and repayment options. Compare different cards based on your needs and your ability to pay all purchases in full. There are several things that need to be consider wisely which are a low annual percentage rate (APR), which will burn the interest you have to repay, the interest calculation method which can change how much interest you pay, low or no annual fees, which issuers might charge, all other charges such as late payment fees, transaction fees, over the limit fees and others which can add to the total terms of your charges, credit limits for cardholders should be low, and the services andfeatures such as cash rebates, frequent flyer miles, extended warranties, convenience trains.4.1.2 Dont spend more than you can afford to pay on a periodic basisYou can make wise decisions about purchasing items you need versus those you simply want. Weve all used the word need to describe something we really just wanted badly. Using your credit card responsibly and recognize which things you really need and which you just want. trusty use of your credit cards will assistance you establish a solid credit judge and avoid financial problems.4.1.3 Keep track of your spendingIt is important to monitor more often than once per month when you receive your statement of credit cards. You should cut back your account online frequently, save receipts and keep true records, consider signing up for balance notices and armorial bearing statement notifications from your credit card provider.4.1.4 Keep an stainless record of the following in case your card is lost or stolenKeep the important informations in a secure and safe place at home such as account number, issuers name, phone number, and photo copy of the front and back of the card.4.1.5 Dont apply for credit that you dont needAlthough your first few credit card accounts build and improve your credit score, in that locations a poi nt when acquiring more will reduce your score. Where that point is, no one knows, but generally, two or three cards are all you need. You should say no, thanks when the shatter offers 10% off your purchase in exchange for filling out the stores credit application. In my opinion, store credit cards arent necessary and the interest rates are horrendous, unless theres some overriding benefit that will offset the ding in your credit- like getting Rm500 off a Rm2000 refrigerator.4.2 The ways to reduce credit card debts4.2.1 Hide your credit cardsThe first step is to hide your credit cards in a place where you could access them in an arbitrary emergency, but that theyd be very difficult to find. For example, put them in a little stripe way in the back up in the attic, freeze them in a big orb of ice, or hide them in the back of the water closet at your mothers house. Make sure its somewhere where you cant easilyaccess them. Then, go to every online account where you use a credit card regularly and take your credit card numbers there. For example, Amazon, PayPal, and World of war craft. Make sure that youre not forgetting anything. If you short must retain a service, use a debit card number instead of a credit card number. Why should you do this? Your credit card balances need to go down, but not up and the biggest step in doing that is to break yourself of the habit of using them without a connection to the real money youre spending. That means issue back to using cash, closures, and debit cards. If you dont actually have the money, youre not spending it.4.2.2 Write a budget planTo start reducing your credit card you need to work out where youve been going wrong and ensure you do not continue to mount up further debt. You can start by writing down a refer of all your monthly incomings such as wages, dividends from shares or interest from savings and so on. Following this, print a list of all your regular outgoings such as mortgage or rent payments, priva te loans, council rates, utility, phone and internet bills, fuel and vehicle maintenance, insurance, wellness and groceries. Besides that, dont forget to you allow in other aspects of your life such as entertainment, eat out and clothes shopping. Once you have these figures you can calculate your monthly cash flow by adding up your total incomings and subtracting your total outgoings. Hopefully your incomings will exceed your outgoings leaving you with positive monthly cash flow. However, if you find your outgoings exceed your incomings you have negative cash flow and are pushing yourself further into debt each month. Next, search through your expenses for areas where you could cut back.Maybe you are eating out too often or treating yourself to more new clothes or apparel than you really need. You need some nice treats to look forward to but make a budget for non-essentials and entertainment and stick to it. You can then use the spare cash flow each month towards paying off your debts. 4.2.3 Figure out what you owe and what the interest rates are The next step is to dig out the most recent statements for all of your credit card bills and determine exactly how much you owe and what the interest rates on each of the bills is. This information should be easily found on your most recent statement, but if youre having barrier finding the information, call up your credit cardprovider and get that information. You should be making a list of all of these credit card name/type, current balance, and interest rate. This helps when you develop a plan, you can use this master list to figure out which credit card to pay first.4.2.4 For teenagers problem, its still up to the parentIf parents want their children to have good spending habits and resist the temptation that can come with having a credit card, its up to parents to make them. Teenagers need to know the benefits of having a card and the devastating consequences that can come from misuse. As parents, they need to sit down with their sons or daughters before they head off on their own. Discuss the reasons why its important to have a credit card and credit history. Also, parents should help teenagers find a good credit card so they dont end up signing up for the first one they come across. Once teenagers obtain a card, make a purchase and walk them through the offset of making the monthly payment. Either by check or electronically so they know what to deport and are familiar with the process. Finally, go over the ground rules. Parents should explain exactly what the credit card should be used for and who is responsible for the payments. If parents take the time to educate teenagers at a young age so they can establish credit in a responsible manner, they will be in a position to hit the ground running with a solid credit history and have naturalized sound financial habits going forward.4.3 The ways to unclutter unsecured credit cardsCredit and charge card fraud costs cardholders and iss uers hundreds of millions of dollars each year. turn theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge. Its not always possible to prevent credit or charge card fraud from happening. But there are a few steps you can take to make it more difficult for a crook to capture your card or card numbers and minimize the possibility. The best way to guide with credit card fraud is to avoid the crime altogether. Internet commerce is one of the most earthy places where credit card fraud occurs. Do look into on the site and only give out your credit card if the transaction is secure and the trafficker is reputable. To verify a site is secure, before using, check out the securityor encryption software system used to see if is reliable. If you are unsure of a vendor, look for a physical address and be wary of temporary addresses, such as PO boxes. Cardholder has to be cautious when responding to special , unsolicited email offers and to avoid overseas vendors. Besides that, by keeping a list of all your credit cards and account information will help you to avoid uncertain problems. If you notice anything suspicious, refer to your handy list, and call the governance immediately.To prevent credit card and charge card fraud, dont lend your card to anyone or leave it lying around. When you sign a receipt, draw a line through any untenanted spaces above the total. Write your account number on a postcard or the outside of an envelope. break out your account number over the phone unless youre making the call to a company you know is reputable. If you have questions about a company, check it out with your local consumer protection office or Better Business Bureau.5.0 ConclusionAs a conclusion, we can know more related information about credit cards and charge cards. By using credit card can make consumers more convenient yet troublesome. All are stated in advantages and disadvantages o f credit cards and charge cards part. Besides that , we have found out some current issue about credit card and charge card such as article about high interest rate of credit card, debt disaster and bankruptcy all these related articles. To solve these current issues and problems of credit card and charge card, we have recommended some ways such as how to use credit card intelligently, ways to solve unsecure credit card and ways to reduce credit card debts. Therefore, we should use credit card wisely to prevent the misuse and overuse of credit card.6.0 ReferencesInternetThe New York Times Company. ( 2012 ). The Difference amongst Charge Card and Credit Card. Retrieved from http//credit.about.com/od/creditcardbasics/a/Charge-Card-vs-Credit-Card.htm. Maybank. ( 2011 ). Identity Theft. Retrieved fromhttp//www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=CRD-Cards&cntTypeId=0&cntKey=CRD08.12&programId=CRD08-Utilities&chCatId=/mbb/Personal/CRD-Cards. Maybank. ( 201 1 ). American Express Personal Card. Retrieved from http//www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=CRD-Cards&cntTypeId=0&cntKey=CRD02.01&programId=CRD02-ChargeCards&chCatId=/mbb/Personal/CRD-Cards. CIMB Group. ( 2012 ). CIMB Bank Credit Card. Retrieved from http//www.cimbbank.com.my/index.php?ch=cb_per_ca&pg=cb_per_ca_prod&ac=2&tpt=cimb_bank. HSBC Bank Malaysia Berhad. ( 2012 ). 0% Interest Installment Plan. Retrieved from http//www.hsbc.com.my/1/2/personal-banking/credit-cards/smart-privileges/0-installment-plan/household-and-furniture. Hong Leong Bank Berhad. GSC-Hong Leong Gold & Platinum Credit Card. Retrieved from http//www.hlb.com.my/pfs/cc/ccgsc_fb.jsp?flag=ccgsc. Golden Screen Cinemas. ( 2012 ). GSC-Hong Leong Credit Card The Ultimate Movie Card. Retrieved from http//www.gsc.com.my/gsceonbankcard/Default.aspx. Lawyerment.com. ( 2012 ). Shocking reasons why Malaysians are living beyond their means. Retrieved September 22, 2011 from http//www.law yerment.com.my/boards/article-Malaysia_Business_Consumer_Bankruptcy_Law-1650.htm?Page=20. 1-million-dollar-blog.com. ( 2012 ). Credit Card Interest Rate, Charges & Debt Calculator. Retrieved January 18, 2011 from http//1-million-dollar-blog.com/credit-card-interest-rate-charges-debt-calculator/. The New York Times Company. ( 2012 ). Credit Card Fraud Credit Card echo Activation Scam. Retrieved from http//banking.about.com/od/securityandsafety/a/creditcardfraud.htm. Free Malaysia like a shot Free and Independent. ( 2012 ). Nearly 50% of credit card holders gone bankrupt under 30. Retrieved from http//archive.freemalaysiatoday.com/fmt-english/news/general/3216-nearly-50-of-credit-card-holders-gone-bankrupt-under-30. Debtmerica, LLC. ( 2012 ). College kids struggle to get control of credit card debt. Retrieved from http//debtmerica.com/industry-news/11-credit-cards/1171-college-kids-struggle-to-get-control-of-credit-card-debt. Debtmerica, LLC ( 2012 ). Consumers doing a better job making payments on time. Retrieved from http//debtmerica.com/industry-news/11-credit-cards/1168-consumers-doing-a-be