The reasons we as Americans buy on credit varies, Essay Example For Students

The reasons we as Americans buy on credit varies, Essay but without it most of us would probably never be able to purchase necessities such as a home or automobile. The nations economy depends on credit, and the promise to pay later for goods and services used today; but along with consumer credit had come consumer debt. With the rise in telemarketing and commercializing in America it is no wonder why Americans feel the impulse to buy now, pay later. The most common form of consumer debt is installment debt, which is when a consumer borrows the money to purchase an item and agrees to repay the loan in equal installments over a fixed period of time. We will write a custom essay on The reasons we as Americans buy on credit varies, specifically for you for only $16.38 $13.9/page Order now Without installment debt most consumers could not afford to purchase items such as a home. The truth of the matter is that we, as Americans, tend to want to purchase more than we can afford to purchase when we want it. But, we can afford to pay it out, over time, in fixed payments. Mortgages, a debt owed on real property, are the latest form of installment debt. Other forms include automobile loans and credit card purchases. Just pick up the newspaper any time after Christmas and you will find articles on managing your mounting debt from Christmas. Not realizing the extent of the consumers debt is one of the most common types of credit problems. Denial may play a partial role in this problem, but the lack of education seems to be the largest reason for consumer debt. Credit card use is up 20% and a large number of Americans do not know the percentage rate at which the credit card companies charge. Many credit card companies have started personalizing interest rates by not disclosing the interest rate until after the consumer has received the card. By not disclosing the interest rate on the application the credit card companies prohibit the consumer from shopping around for the best deal. You could just say they should cancel the credit card, but did you know several requests for consumer credit could be viewed negatively because the information is reported to the credit bureaus? This leaves you, the consumer, with a bad credit report. Household debt and bankruptcy are at record levels and appear to be on the rise. Until we as consumers begin to educate ourselves and stop living beyond our means, we only have ourselves to blame. In conclusion, although consumers are not forced to buy, most feel compelled to purchase goods and services because they need them and do not want to wait. Rather than saving they go into debt, the most common of which is installment debt. Bibliography 1. Miller, R. L., Economics: Today and Tomorrow, Hesterville, Ohio; Glencoe-McGraw Hill, 19952. Major Growing Pains U.S. News and World Report (Oct. 21, 1996) Pg. 62-643. Whats the Rate? They Wont Say. U.S. News and World Report (Aug. 19, 1996) pg.614. Lee, Susan Susan Lees ABZs of Economics New York; Poseidon Press, 1987

Science and philosophy essays

Science and philosophy essays Science is the observation, identification, description, experimental investigation, and theoretical explanation of phenomena. Philosophy is the investigation of the nature, causes, or principles of reality, knowledge, or values, based on logical reasoning rather than empirical methods. Science is literally knowledge, but more usually denotes a systematic and orderly arrangement of knowledge. In a more distinctive sense, science embraces those branches of knowledge of which the subject-matter is either ultimate principles, or facts as explained by principles or laws thus arranged in natural order. Science is applied or pure. Applied science is a knowledge of facts, events, or phenomena, as explained, accounted for, or produced, by means of powers, causes, or laws. Pure science is the knowledge of these powers, causes, or laws, considered apart, or as pure from all applications. Both these terms have a similar and special signification when applied to the science of quantity; as, the applied and pure mathematics. Exact science is knowledge so systematized that prediction and verification, by measurement, experiment, observation, etc., are possible. The mathematical and physical sciences are called the exact sciences. Philosophy is the critical analysis of fundamental assumptions or beliefs. When applied to any particular department of knowledge, philosophy represents the general laws or principles under which all the subordinate phenomena or facts relating to that subject are comprehended. When applied to material objects, it is called physics. Philosophy is the systematic and rigorous search for the truth about certain non-empirical but enduring questions. Science is any branch or department of systematized knowledge considered as a distinct field of investigation or object of study. Science is an intellectual activity carried on by humans that is designed to discover information about the natural wor ...