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Word Count: 472
The use of credit cards is much more dangerous than use of checks or cash Paying with cash is very easy for knowing how much money is available and how much can be spent makes it very hard to get into debt When paying with a check the process is a bit trickier the exact balance has to be kept on the account at all time Knowing what this balance is and continuously replenishing it can be quite hard Nevertheless even with a check consumers can not get into a lot of trouble If more money is spent then the shopper has on the current account the last written check will be rejected and account will be suspended until the balance is paid off With credit cards however every year more and more people get into debt According to American Bankers Association ABA Americans owe more then 387 billion on their credit cards This frightening number averaging about 3900 per family is just as bad for the economy as it is for the consumers In September of 1995 for example The ATT Universal card charged 15 per month for late fee to people who paid their bills just one day after the due date Visa on the other hand was charging the penalty fees for as little as a dollar over the limit plus an interest of up to 249 percent per year In the second quarter of 1995 overdue payments as a percentage of outstanding balance hit 3267 percent That is the highest mark since recession of 1991 The picture is some consumers are very very deeply in debt says Charles McMillion chief economist with MBG Information Services A swipe of the card has become so natural that many consumers do not realize how much they have charged nor that it will take them forever to pay that debt off Seventy percent of respondents to a recent ABA survey said that it
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