Pros Cons
 (Buy Now Pay Later)
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*Buy now/pay later
*No risk of losing cash *Borrow money without banker *Live at higher society level *Status symbol *Convenient *Better record keeping |
 (Manning ii)
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*Debt
*Crime *No loan officer to advise *Impulsive buying *Buyer's remorse *Once start, hard to stop *Interest charged on unpaid balance |
(Brean 119-120; Green 6-7, 11, 29, 43; Manning 3-5, "Topics "40)
Consumer Benefits (Reilly)
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"To a bank, a good customer is someone who does not pay their bill every month, ...pays minimum payment, ...and continues paying interest charges." ~Kevin Reilly, JP Morgan Chase Executive (Reilly) |
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"Consumers have to recognize the warning signs of debt." ~Michael Kidwell (Fisanick 29) |
Credit Card Share of Consumer Debt
 (Evans and Schmalensee 89) |
 (Ditchburn) |
Consumer Challenges (Reilly)
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Credit cards as a turning point for consumers...
Clearly, credit cards are a turning point in the history of consumerism because they have become an essential part of everyday life for most people.
