Answers to the Sociology Quiz on Consumption and Credit Cards

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Answers to the Sociology Quiz on Consumption and Credit Cards

True The credit card debt owed by the average u.s. household In 2007 (the most recent year for which statistics were available,was $9,840.

False The _raga debt on undergraduate college students’ credit cards in 2008 was about $2.200.and the typical student amasses almost $20,000 In student loans during his or her undergraduate years

False About 76 percent of undergraduate colleg. students have at lea~tone credit card.

False Aggressive marketing of credit cards to college students and others Is not illegal the credit card Industry routinely pays colleges and untitled tees to rent tables tor campus solicitations. and alumni groups offer”affinity tard linked to the schools.

False Although Congress ha. been encouraged to adopt a measure requiring age or Income requirements tlie Sillince of credit cards, by mld-2009 no laws had been passed In this regard. How With  a Significant Downturn in the economy may have produced a similar effect on the issuance of credit cards and their spending limits

True In the United States. most  one million people filed for bankruptcy  In 2006.

True The total Is about $2.0 trillion wilen ell consumer debt Is Taken Into account

False Recent Studies have shown that people In an Income brackets have overused credit and not paid off debts In an effort to deal with difficult economic times.