Credit Card Learning Assignment

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Credit Card Learning 1 Credit Card Learning Assignment Jermaine A. Taylor University of Maryland University College FINC 321, Sec 6381 Professor Eric Ramon July 23, 2001 Credit Card Learning Credit Card Learning Assignment On May 22, 2009, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure Act, or credit card bill of rights. One of the most significant changes the Credit Card bill imposes is that it prohibits companies from issuing credit cards to 2 consumers under the age of 21. Unfortunately for me, this exciting new bill was signed into law about 15 years too late. When I was growing up, one of the most exciting moments for me was when I purchased my first automobile and when I got my first credit card. For an eighteen year old with a new set of wheels, a credit line of $1500.00, and a smoking hot girlfriend, I felt like “The Man”. As I consider my use of credit cards at the age of 18 in relation to the questions posed for this assignment, I most certainly would have responded “YES” to every question. It is no doubt that I had a serious problem controlling my credit card spending from the age of 18 to 25. I routinely reached the spending limit on my credit cards, paid the minimum payment allowed and had the sickening feeling in my stomach once the bill arrived in the mail. I got to the point that I would not even look at the bill until I had to mail the payment- as to prolong the agony of seeing the total balance. I was living in a repetitive cycle of paying my credit cards down just to charge them back up. As I got older and started a family, I begin to realize the error of my ways also developed a hatred for credit cards. Once I realized that by eliminating my credit card debt, the funds used on the monthly payments could be used for making purchases or for investing, I started on a path to eliminate my
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