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Created with Fabric.js 1.4.5 We should never use our credit card People can use credit cards to take money from an Automated Teller Machine, but cash advances with credit cards are much more expensive than ATM withdrawals with debit cards. 1951 First Bank Card Was Created In 1951, the first bankcredit card appeared in New York's Franklin National Bank for loan customers. It also couldbe used only by the bank'saccount holders. 1920 Originated The use of credit cards originated in the United States during 1920s, when individual firms, such as oil companies and hotel chains, bedan issuing them to customers. Costly Cash Withdrawals Overspending 1946 The banking institution expects users to pay back the loans over a certain time period, like on a monthly basis. If they are unable to pay their full balance on time, payment will include not just the original money people owed the institution, but also an additional interest charge. When people spend with credit, it's easy to overspend because no moneyactually changes hands, and they don't really feel the effects of spending. It's tempting to spend more freely with a credit card since people are not actually sacrificing any of their hard-earned cash at that moment. High Interest Rates The first bank card, named "Charg-It," was introduced in 1946 by John Biggins, a banker in Brooklyn The First Bank Credit Card Appeared Additional Fees A bad credit card record can affect a whole life. Nowdays Some companies charge annual account fees that people have to pay even if they always pay their balances in full each month. Other common fees include late-payment fees, over-the-limit fees and foreign transaction fees. Bad Credit Score Nowdays 1920 72 percent of Americans have at least one credit card, with the average person holding three credit cards or more Timeline Every where we go, we see credit card ads on television and radio, in newspapers and billboard advertisements. Issues Most landlords check creditcard records electricity, phone, and cable will check people credit have to pay additional securitydeposits if they had a bad credit history Impact on Financial Goals A lot of people are unable to save for retirement because of all the money they owe to the credit card companies. Even worse are the people who think they have saved for retirement but really haven't. Works Cited Page Wikipedia contributors. "Credit card." Wikipedia, The Free Encyclopedia. Wikipedia, The Free Encyclopedia, 3 Dec. 2014. Web. 9 Dec. 2014. Biggins, John. "Who Invited Credit Card". 24 May, 2011. Web. 9 Dec, 2014. Vella, Matt. "This One Chart Will Make You Feel Better". TIME. 10 Feb, 2014. Web. 9 Dec, 2014. Investopedia Staff. "The Importance Of Your Credit Rating". Investopedia. n.d. Web. 9 Dec. 2014 80 percent people think that credit cards can be harmful. 36 percent of respondents said they didn't know the interest rate on the card they use most often. Only 20 percent people disagree with that point Are Credit Cards Harmful”? n.d. Web. 9 Dec. 2014.Astounding Credit Card Statistics. Vision Payment Solutions. 27 Dec. 2011. Web. 9 Dec. 2014.
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