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Not It!

Not It!. Who is responsible for the credit card debt crisis?. Problem. In the fallen economy, many consumers are struggling to pay back debt acquired via the use of credit cards. For some, this seems like a losing battle. Is this struggle due to irresponsibility on the consumer’s part?

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Not It!

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  1. Not It! Who is responsible for the credit card debt crisis?

  2. Problem • In the fallen economy, many consumers are struggling to pay back debt acquired via the use of credit cards. For some, this seems like a losing battle. Is this struggle due to irresponsibility on the consumer’s part? Or, is there something more sinister at work behind the scenes?

  3. Thesis • Consumers have vulnerabilities. • Creditors are deceitful and opportunistic. • Responsibility implies doing the right thing . • Deceitful people cannot be trusted to act responsibly. • Therefore, creditors may be at fault for the credit card debt problems, but the responsibility to fix or prevent these problems lies in the hands of the consumers.

  4. Consumers Aren’t Fool Proof • Instincts can be misleading.

  5. Creditors Love Money • Creditors may use unethical practices to increase their income regardless of who it hurts.

  6. Conclusion • Consumers need to take a defensive stand against creditors by educating themselves on creditor practices and calculating methods, and staying alert when spending money.

  7. Works Cited • Works Cited • Bhandari, Shyam B. "Some Ethical Issues in Computation and Disclosure of Interest Rate and Cost of Credit." Journal of Business Ethics 16.5 (1997), 531-535. Print. • Braunsberger, Karin, Laurie A. Lucas, and Dave Roach. "The effectiveness of credit-card regulation for vulnerable consumers." Journal of Services Marketing 18.5 (2004), 358-370. Print. • Chakravorti, S. and A Shah. "Underlying incentives in credit card networks." Antitrust Bulletin 68.1 (2003): 53-75. Print. • Chien, Yi-wen and Sharon A Devaney. "The Effects of Credit Attitude and Socioeconomic Factors on Credit Card and Installment Debt." Journal of Consumer Affairs 35.1 (2001), 162-179. Print. • Feinberg , Richard A. “Credit Cards as Spending Facilitating Stimuli: A Conditioning Interpretation.” The Journal of Consumer Research, 13.3 (Dec., 1986), pp. 348-356. Print. • Pae, P. “Watching for ‘Traps’ on Lower Card Rates.” The Wall Street Journal (Feb. 21,1992), pp. 5. Print. • Srivastava, Joydeep and PriyaRaghubir. “Debiasing Using Decomposition: The Case of Memory-Based Credit Card Expense Estimates.” Journal of Consumer Psychology, 12.3 (2002), pp. 253-264. Print. • Raghubir, Priya and JoydeepSrivastava. "Monopoly Money." Journal of Experimental Psychology: Applied 14.3 (2008), 213-225. Print. • Wiener, Richard L., et al. "Consumer Credit Card Use." Journal of Experimental Psychology: Applied 13.1 (2007), 32-46. Print.

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