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Plastic Money

Probably, the most striking change in shopping habits during the last twenty years or so is the sharp rise in the use of credit cards. According to the recent US statistics, nearly 80% of big purchases are paid for with credit cards. These cards are made of plastic, so sometimes people call them just plastic money. This is very different from the old form of credit: when you bought something expensive, e.g. a washing machine or a TV, you signed an agreement with a shop promising to pay for the goods in installments, weekly or monthly. With a credit card you can buy goods up to a certain limit in practically any shop. You simply hand the card to a shop assistant or cashier, they put it into a special machine, you sign the bill and get the goods. You can use your credit card not only for shopping but in restaurants, hotels, hairdresser's, to buy rail and air tickets etc.

When a card is presented anywhere in payment for goods or services, the place of business can accept the card without question if the amount is below an agreed limit, usually between twenty-five and fifty dollars. For a larger purchase, authorization is need, though it takes only seconds to obtain.The approval procedures move at jet speed. From whereever they are, merchants and others dial directly to the credit-card processing center of the bank. It is in a large, dimly lighted room with acoustic walls and ceilings to deaden sound, about fifty operators - predominantly women - are sitting at a battery of monitors with a keyboard beneath each. It is here that holders of blue, green, and gold credit cards are given or refused credit. At the end of each month or a quarter you get an account, a statement from the bank or the company that issued the card, showing the places where you bought things or had something done and the price. You have to pay not only for the goods or services you've had, but interest as well, interest for the money you've borrowed to pay for these things. Some companies don't charge interest if you pay your account immediately. The interest rate is over 20%, but it varies from one company to another and according to the economic situation.

Why do so many people use credit cards if they have to pay so much interest? The point is that credit cards are very convenient and many people don't think about the statement they’ll get at the end of the month when they're shopping or having a meal in a restaurant or having their hair done. They show the magic card and get everything they want. No one complains about the interest rate. As for getting into debt, most people are very sensible and know how much they can afford to spend.

A real problem is with young people. Banks allow and even encourage them to have bank accounts and credit cards. And young people want all sorts of things they can't really afford, and can't resist the temptation to overspend. They haven't got much experience of dealing with money, so they often get into debt and ask their parents to help them out.Nowadays a lot of cardholders are no longer satisfied with one credit card. They often have two or more as there's a limit to the amount of credit you can get with each card. It depends on your income as declared when you apply for the card. The more credit cards you have, the more money you can spend.