MCS 2100 Chapter Notes -Credit Card Fraud, Credit Bureau, Payment Protection Insurance
3 Dec 2013
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Document Summary
Mid-2000 marked the beginning of a downturn, which is primarily driven by the technology slump and a reduction in corporate profits, whereas the consumer has remained very resilient. The growing use and convenience of credit cards has facilitated the process of borrowing, and even those who can"t really afford to borrow still do. Poorer, riskier borrowers joined the credit card ranks in the 1990"s. Many of whose members have low-level blue-collar jobs, are highly vulnerable to even a modest cyclical slowdown. Credit is an arrangement to receive cash, goods, or services now and pay for them in the future. Consumer credit refers to the use of credit for personal needs (except a home mortgage) by individuals and families, in contrast to credit used for business purposes. Most consumers have three alternatives in financing current purchases: they can draw on their savings, use their present earnings, or borrow against their expected future income.
