Credit Cards

Credit Cards Introduction Credit card game have been an integral variance of modern life for decades ever since they were introduced in the early twentieth century. However recently they have been associated with bankruptcy claims and increase in debts for customers. The combination of administrative lapses by financial institutions and bad outlay by customers has led to proliferation of problems associated with impute cards. The aim of this research paper is to investigate the extensive manipulation of credit cards in the world. The paper makes a number of recommendations that can assist in reducing or mitigating the negative aspects of credit card usage. finally the research paper focuses on the impact of credit cards in the United Arab Emirates. Impact of Credit Card The rampant usage of credit cards has led to proliferation of economic and financial problems for customers. monetary institutions have been instrumental in advertising and promoting the concept of credit cards. Households prefer the practice of using credit cards because of meek income levels (Scott, 2007). They argon preferred during times of economic crisis and trouble. The result has been ruinous as debts have increased as people are trapped in a vicious cycle.

Credit cards provide illusions of high standards of living as people adjudicate to purchase expensive and luxurious goods. It in like manner results in the customers nerve-racking to have impressive standards of living which are non practicable due to the limitations imposed on incomes. Empirical studies have also found evidence that credit cards are not valuable or significant for the development of the economy. On the hostile they can cause serious economic problems and fluctuations due to the hit-or-miss nature of providing loans to customers. Recommendations and Solutions The credit card industry needs to be regulated by a set of uniform and consonant procedures and guidelines. Further the provision of credit cards should be on the basis of... If you want to get a full essay, rear it on our website: Orderessay

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