Why people go into debt: The money isn't really theirs

In 2019, U.S. consumer debt reached an all-time high, surpassing levels last seen during the 2008 financial crisis. Such debt takes many forms, including mortgages and student loans. But credit card debt alone exceeded $870 ...

Organized cybercrime—not your average mafia

Does the common stereotype for "organized crime" hold up for organizations of hackers? Research from Michigan State University is one of the first to identify common attributes of cybercrime networks, revealing how these ...

The rise of deal collectives that punish profits

Researchers from the University of San Diego and University of Arizona published a new paper in the Journal of Marketing, which examines the rise of deal collectives that exploit ill-designed deals that give away more than ...

When should banks chase debts? New method could help them decide

Like Kenny Rogers' gambler, who has to "know when to hold 'em, know when to fold 'em," banks face financial risks and uncertainty when deciding when to chase consumers who default on their credit card payments and when to ...

Apple's star designer Jony Ive to set up own firm

Apple's longtime design chief Jony Ive, who played a key role in the development of the iPhone and other iconic products, is leaving the tech giant to set up his own firm, Apple said Thursday.

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Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1.

This text uses material from Wikipedia, licensed under CC BY-SA