During a recession you want to spend more.docx

58 views1 pages
Published on 21 Apr 2013
School
WLU
Department
Economics
Course
EC250
Professor
- During a recession you want to spend more
- If you save more then you do not spend more
- It wont help your debt you already have
- Not spending more to accumulate more debt
- Create harder terms on credit cards
- Stores that offer pay nothing terms should not be allowed to do that
- http://www.walmartcanadafinancialservices.ca/howtoapply.htm
- I worked at Walmart for several years selling their mastercard and I saw first hand how debt is
easily acquired by people who believe they are saving. This particular card has a points system
built into it which attracts many people, but in the long run you actually pay for the discount you
receive making it useless. The government should create stronger rules about credit card selling
policies requiring stores to explain or even calculate an interest example that a customer could
incur. Although customers sign and accept the terms many people do not read the terms and
when they receive their bill realize it was not as good a deal as they thought originally.
- Other stores often advertise the option of waiting several years before having to make a first
payment on items purchased and customers who may be able to afford some of the items at
purchase may be in a worse off situation down the road and incur heavy interest. If the
government is able to regulate the way these companies extend their credit periods they may
be able to prevent future debt.
Unlock document

This preview shows half of the first page of the document.
Unlock all 1 pages and 3 million more documents.

Already have an account? Log in

Document Summary

If you save more then you do not spend more. It wont help your debt you already have. During a recession you want to spend more. Not spending more to accumulate more debt. Stores that offer pay nothing terms should not be allowed to do that. I worked at walmart for several years selling their mastercard and i saw first hand how debt is easily acquired by people who believe they are saving. This particular card has a points system built into it which attracts many people, but in the long run you actually pay for the discount you receive making it useless. The government should create stronger rules about credit card selling policies requiring stores to explain or even calculate an interest example that a customer could incur.

Get OneClass Grade+

Unlimited access to all notes and study guides.

YearlyMost Popular
75% OFF
$9.98/m
Monthly
$39.98/m
Single doc
$39.98

or

You will be charged $119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.