`Maxed' Charge Cards and Other Red Flags

By Rosen, Jan M. | THE JOURNAL RECORD, December 29, 1992 | Go to article overview

`Maxed' Charge Cards and Other Red Flags


Rosen, Jan M., THE JOURNAL RECORD


By Jan M. Rosen

N.Y. Times News Service

"Do you know what the No. 1 sport in America is?" Jerry Mason, a professor of consumer economics at Texas Tech University in Lubbock, likes to ask.

"Football," says one student. "Baseball," says another.

"No, it's going to the mall," Mason replies. "People want that lift they get from buying something."

He has another question.

"How many people do you know who have a two-car garage who actually have both cars in the garage?" His point: Americans are acquisitive; closets and garages are full of impulse purchases, many unused. For many "credit cards are maxed out," and creditors are demanding payment _ particularly during the holidays.

Scott Simpson, a financial consultant for Minneapolis-based Employee Advisory Resources, which serves 550 corporate clients with 950,000 employees, confirmed the trend.

"Bankruptcies are up, and the size of credit-card debt has gone up," he said. "It used to be $30,000 or $40,000 was high. Now we are seeing people with $60,000 _ even $100,000 on 10, 20 even 30 credit cards from all levels of employment _ managers and vice presidents of companies down through the rank and file."

They and other experts interviewed cited a number of reasons for consumers' growing debt. Layoffs and salary freezes have left many short of cash, worsened in many cases by big home mortgages taken out in better times. But fundamentally, they said, people simply lack the knowledge for handling ready credit and get overextended, often to salve emotional needs.

"Financial literacy is very low," said Professor Tahira K. Hira of Iowa State University in Ames. "The point is not how much money you have; it is how you manage it. I have seen highly educated people _ lawyers, doctors, top executives _ and they are spending more than they earn. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

`Maxed' Charge Cards and Other Red Flags
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.