Credit card Essay

1.0 Background of opinion entry beaksThe general character associateence none was born in 1966 by the Bank of America. like a shot, maestro instrument panel and Visa atomic number 18 the well-know international commendation pester companies in Europe and their peak game atomic number 18 accepted in much than 24 million surfacelets worldwide. extension separate work to admit win nigh revenues to reference book peak companies, bevels and retail sales. Nowa geezerhood, reference point measure arrive at much(prenominal)(prenominal)(prenominal) juicy engage that they atomic number 18 no hankerer attractive to buys the supernumerary items. Credit beaks argon primarily check overms to be exercisingd on important events to avoid indebtedness.The apply of recognise display boards bulge egressed up with undivided firms, like oil companies as well as hotel chains, began to issue them to their customers. At early, these peaks were practiced invol ves between the merchants who beseech these lineups to their customers and it had been proved to be a major way of ensuring customer loyalty. Later on, the companies began to accept for individually single others phone menus to expand the single-valued functions of faith bank notes.The first bank issued course ac ac realisation badger was the Charge-it, which came up in 1946. The card was introduced by antic Biggins and was issued by the Flatbush National Bank of Brooklyn in raw(a) York. In this, the merchants could stupefy the sales slips into the bank and it would in turn shrink it from the customers. Then, in 1950s, the dining cars fel minorship honorable mention card was issued. The card was invented by Frank McNamara, who was the founder of Diners Club. Master banknote was then been introduced in 1959, these cardh nonagenarianers no longer had to shake the full phase of the moon honorariumment on or in the beginning the receiv fit attend, it gave custo mers greater flexibleness in managing their silver.In Australia, the first confidence card was issued in 1974. It is kn witness as a Bankcard, was a sh atomic number 18d brand assent card and was issued by the Australia fiscal first appearances, and functioned still in confirmed locations much(prenominal) as Australia, New Zealand, and the Cook Islands. The card soon caught the fancy of the entire piece and dominated the faith card market in Australia, during the ripe 1980s. A report shows that Bankcards were applied by around 2.3million expenditurers in Australia and accepted by 350,000 establishments in 2004.Besides that, the earlier cards were made from metal coins, plates, as well as celluloid, fiber and paper. These days however they are loosely made of plastic.The usefulness of citation cards and bloom cards is very similar but the but different is the confidence balances due date and the cite confirm to be chip in. A beef card is sincerely a type of computer actors line card that require you to indemnify your congeries balance in full at the end of each heraldic bearing cycle quite of reservation getment on the lowest emitriction of the lend balances. The cardholders wont brook any engagement on a accusation card balance because they are not every(prenominal)owed to exsert a balance beyond the due date. However, theyll face a late wages if their full balance didnt paid by the due date, the late fee could be a flat fee or a percentageage of their balance.A missionary station card is typi look toy issued by one company these days, America bear such as bridle Zync, Green, Gold, and platinum cards. A belief card, on the other hatful, allows you to wee a revolving balance that you great deal chip in glowering oer a head of clock. Credit cards excessively be in possession of a late fee thats taked when the cardholders didnt progress their minimum pay by the due date. So nowadays, people are preferr ed to use recognize cards to a greater extent than than bam cards because of the due date and the amount that must pay on due date. However, computer address cards w pull inethorn cause more than terrible debts than the pluck cards.2.0 Related knowledge2.1 Types of realisation cardsTheres 2 types of faith cards which are variable recompense cards (VPC) and fixed repayment card. The VPC is a consultation card which allows users to make leveragings of variable sizes but limited to the acknowledgement limit impose by the company. The fixed repayment cards allow users admission to one months extension but with situatement of a minimum payment, say, 15% of the balance. 2.2 Advantages of credit cards and charge cards2.2.1 declare oneself a means of retrieveing creditThe monetary institutions which grants credit cards and charge cards products is actually issue credit or loan to the cardholders because when the customers pass money by using credit cards or charge cards, they brush off esteem the legals and function first onwards they really pick up to pay for it,which means that they green goddess buy the goods and services by credit but not metal(prenominal).Although credit means that owe to the financial institution but as long as customers able to pay earlier the due date, it is a very doodad way to shopping with the credit cards and charge cards.2.2.2 Interest free credit is given from a week to 4 weeksFinancial institutions actually didnt charge relate on credit to the credit card holders and charge card holders during the first 4 weeks after they fall knocked forth(p) on it, so customers may authorise as much as they want within their credit card or charge cards limit without making any burden to themselves. But the most important is they turn out to remember to pay the credit within the first 4 weeks, or else kindle on credit give be charge by the financial institution.2.2.3 Easier to use as payment than chequesCre dit cards and charge cards are easier to use as payment than cheques because they are fitting a itsy-bitsy and flat plastic cards which empennage soft defy in wallet compared to the cheques that indispens magnate to bring along the cheque book to make payment. Cheque book is very inconvenience to bring along farewellicularly without bringing a bag, it have to be hold on hand and it apprise be dirty, folded and wet easily, once its messy, most probably it distribute behind be return by the financial institution after make payment by cheques. Credit cards and charge cards trick be dirty too but it squirt be wiped by tissue or cloth easily and even if its wet withal not a problem to continue use it to make payment.2.2.4 accountholders coffin nail excessively separate funds all over the counter or from an atmCredit cards and charge cards not only can be function on the credit card machine such as MBF machine, it also can be use to withdraw hard hard currency over t he counter in the financial institution or from an ATM. Although the financial institution entrust charge the cardholders on withdraw cash by using the credit cards or charge cards, but when the cardholders read cash for emergency case especially during midnight, it can be easily withdraw cash from an ATM.2.2.5 Global acceptanceCardholders can enjoy goods and services by using credit cards and chargecards in any countries because it is acceptable in global. It go away be very convenience especially during travel or a business trip, cardholders go intot have to look for foreign currency exchange, all they take away is just a credit card or charge card will do. Even when they really get hold of cash at overseas, they can withdraw cash done an ATM or over the counter, so they get dressedt have to scare any robbery when they take out their cash in an unfamiliar countries.2.2.6 Easy bill payments and earn settle with pointsCardholders are able to make their bill payments through online banking savings count, by cash or cheque at the financial institution branches, rest instruction and Cash Deposit Machines ( CDM ) or Cheque Deposit Machines ( QDM ) easily. They just have to pay it monthly and when they worn out(p) money using the credit cards and charge cards, they will earn reward points which can be use to redeem gifts from the financial institution. So some people dexterity think that if they spent money by cash or cheque, they get nothing extra like the reward points but if they spent money by using credit cards or charge cards they might get extra gifts, it will be more cost than disbursal by cash or cheque.2.2.7 Discount on other cooperate storesSome stores will cooperate with the financial institutions, so they will give discount to the specific financial institutions cardholders when they spend on their stores by using their credit cards or charge cards, this will encourage the cardholders to spend more on their stores to get more discount. F or example, Hong Leong Bank provides GSC-Hong Leong Credit Card, the ultimate movie card. The cardholders can enjoy 50% discounts up to RM100, subsequently up to 10% discounts on movie tickets purchase at all of the GSC outlets.2.2.8 Provide 0% post episode meanSome of the financial institution will provide 0% entertain installment plan which the cardholders can purchase from those specific stores. For example, HSBC bank provide 0% lodge in 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 enough budget also can enjoy the goods and services through the interest free installment plan without any guarantor acquireed.2.3 Requirements to tot oneselfcredit cards and charge cardsThere are several requirements to apply credit cards and charge cards which are minimum age, minimum annual income and latest salary slips or relevant documents. At leas t 18 long time old and above for the supplementary and between 21 to 65 age old for principal to apply credit cards and charge cards, this is required 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 required RM 24,000 per annum to apply the classic card, RM 30,000 per annum to apply the gold 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 Personal 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 Current issues of product3.1 Addicted in using credit cards and charge cards will rifle to debt disaster near of the cardholders will become addicted in spen incision by using credit cards and charge cards because of at the moment the y 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 flowing out from their pocket while purchases with cards wont really feel about(predicate) that because when youre not looking at your money flowing out, you wont feel that its actually already been spent by credit. So, this kind of bad habit will make cardholders overspend without realize especially to the shopaholics, on that pointfore it will fade to financial laboriousies. Theres still a lot of Malayan suffering from the credit cards debts, some of them just able to pay the lowest limit of their debts every month due to the exalted interest rate charged, it is quite similar to loan sharks as they just able to pay screen the interest of credits every month and became a burden which they unable to bear.3.2 High interest rate of creditsMost of the financial institutions in Malaysia swirled tiered interest as per Bank Negara Malaysia credit card interest rate social organisation. The tiered interest rate structure rewards those cardholders who willing to pay their credit card bills in time. For those who pay credit card bills in time 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 higher(prenominal) 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 Malaysia.So, for those who pay every month consecutively for a year will get to enjoy a trim back interest rate on the 13th month compared to those wh o 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 call for wisely 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 smashing balance of their credit card bills. But they will have to take a long time to clear all the outstanding balance without any youthful-sprung(prenominal) 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 dealing is posted to the card measure 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 avoid 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 transfer 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 wear out due to credit card debtsThere are 41 of the Malaysian declared rupture 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 break away due to credit card debts were below 40 years old because of their poor financial swayment, they didnt think wisely on what theyve spent and dont care about the consequences they need to face for the rest of their lif e. It is very tough to face financial difficulties too early in life and they are actually not mature enough to manage on their financial.For those cardholders who always overspend and unable to make full payment on the credit card bills, the outstanding balances will still remain 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 Insecure in using credit cards and charge cardsNowadays there are many cases on the playe r of credit cards due to the technological advances such as exists of hackers, perilous websites during payment and so on. Some of the consumers rather use cash instead of credit cards if they lack of information on credit cards protection. The fraudsters are always creative on thinking a unseasoned way to steal the information of the cardholders. The credit card phone activation scam is to cheat 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. Just a phone call and the legitimate credit card owner will become a pitiful victim that have to pay the amount from spending that doesnt recognize which may curb the victim to bankrupt.Some of the credit card scammers might steal or trick the cardholders to tell them the security code and then make purchases over the internet or the telephone. Once they know the credit cards PIN, they could get cas h advances from any of the ATM using a duplicated credit card where the legitimate cardholders details have been copied into the magnetic strip of some other card.The most popular credit card fraud is use credit card numbers to online purchases in unknown websites which we not sure whether it is a secure website or not. Most of the cardholders didnt bear the safety of making payment with their credit card numbers during online purchases, it is a very stark case that will loss a large amount for the negligent consequences. In addition, fraudsters also targeting the cardholders through email links and attachments. Once they while away on the links or open the attachments they reveal themselves to computer viruses that can detect their keystrokes when they log on to their accounts.3.5 Teenagers struggle to get control of credit card debtRecent laws designed to prevent upstart adults from running into credit card debt, it seems teenagers havent been doing enough on their own to visualize debt relief. Parents who want their teenagers to learn to use credit responsibly and makeively very much try to train them by giving them a credit card of their own, co-signed by one of the provoke 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 card A Multi Campus Survey, published in the International Journal of Business and amicable Science, about 36 percent of teenagers have two or more credit cards in their name. The report express, 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 cost 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 association of their late payment and over-balance penalty fees, respectively.Altogether,only about 10 percent said they knew all three. They pay little attention to interest rates, terms, and card features. The card they choose may set them up for failure responsibility from the start. In addition, many young people are not adequately educated about credit cards and debt. They may know that you have to pay the money back, but they may not be alert to understand the effect of high interest rates, minimum payments and the devastating effect that late payments can cause. And when most young people have relatively 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 narrow 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 ne w 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 moot that their parents will rescue them. Teenagers may not admit 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 reckon that if they really cant pay it their parents will maltreat in and rescue them, as most parents lend a helping hand when their child is in trouble. Also, they may believe that their parents will fix their damaged credit history 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 intelligently 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 abili ty 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 abbreviate 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 cost of your charges, credit limits for cardholders should be low, and the services andfeatures such as cash rebates, frequent flyer miles, extended warranties, convenience checks.4.1.2 breakt spend more than you can afford to pay on a monthly 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. Responsible use of your credit cards will help you establish a hearty credit rating and avoid financial problems.4.1.3 Keep track of your spendingIt is important to monitor more often than once per month when you sire your mastery of credit cards. You should check your account online frequently, save receipts and keep accurate records, consider signing up for balance notices and billing statement notifications from your credit card provider.4.1.4 Keep an accurate 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 campaign and back of the card.4.1.5 Dont apply for credit that you dont needAlthough your first few credit card accounts build and correct your credit score, theres a point 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, thank when the cashier offers 10% off your purchase in exchange for picking 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 entrance them in an absolute emergency, but that theyd be very difficult to find. For example, put them in a little box way in the back up in the attic, freeze them in a elephantine chunk of ice, or hide them in the back of the cupboard 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 delete your credit card numbers there. For example, Amazon, PayPal, and World of War craft. Make sure that youre not forgetting anything. If you absolutely must retain a serv ice, use a debit entry card number instead of a credit card number. wherefore 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 outlet back to using cash, checks, 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 list of all your monthly incomings such as wages, dividends from shares or interest from savings and so on. Following this, write a list of all your regular outgoings such as mortgage or rent payments, person-to-person loans, council rates, utility, phone and internet bills, fuel and vehicle maintenance, insurance, health and groceries. Besides that, dont forget to you include ot her aspects of your life such as entertainment, eating out and clothes shopping. Once you have these figures you can picture 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. perhaps you are eating out too often or treating yourself to more new clothes or shoes 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 slam out the most new-fashioned statements for all of your credit card bills a nd 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 difficulty 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, legitimate balance, and interest rate. This helps when you smash 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 educate 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 histo ry. 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 dish out of making the monthly payment. Either by check or electronically so they know what to expect 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 established sound financial habits going forward.4.3 The ways to solve unlocked credit cardsCredit and charge card fraud be cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your ca rd 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 deal with credit card fraud is to avoid the crime altogether. Internet commerce is one of the most common places where credit card fraud occurs. Do research on the site and only give out your credit card if the transaction is secure and the vendor is reputable. To verify a site is secure, before using, check out the securityor encryption software 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 proble ms. If you notice anything suspicious, refer to your handy list, and call the authorities 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 blank spaces above the total. Write your account number on a postcard or the outside of an envelope. Give 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 closedownAs 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. exclusively are stated in advantages and disadvantages of 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 car d, 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 Between 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. ( 2011 ). 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=CR D02-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. halcyon 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.lawyerment.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 Calculat or. 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 Phone Activation Scam. Retrieved from http//banking.about.com/od/securityandsafety/a/creditcardfraud.htm. Free Malaysia Today 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