Credit first began in 1910 and first appeared in the Sears catalog. 1950 was the birth of credit cards when Frank McNamara established the Dinner’s Club. Years later the Bank of America offered the BankAmericard and later changed its name to Visa. In 1986 Sears created a store credit card and quickly became the most profitable division. Today we buy everything on credit while parents and grandparent bought almost nothing on credit and thought it was a bad idea. There are two different types of credit, these include close end and open end credit. Close end is used for a specific purpose, such as a mortgage, vehicle loan, or installment loans. These are consumer credit and can be attained at commercial banks and credit unions. Open end is not
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Your credit history stays for 7 yrs, while bankruptcy stays on your record for 10 years. The average credit score is 687 and constantly changes based on the user's decisions. The Oprah Debt Diet is television series showing the lives of three families who are in debt. It shows the current situation, the process to get out of debt, and the end result. The three families in the show are the Bradleys, Widlunds, and the Egglestons. They are all in debt, but have different types of debt and need help from financial advisors offered by the Oprah show. The first family is the Bradleys and they are 170,000 dollars in debt. Steven, Lisa, Madison, and Michael make up the Bradley family and Jean Chatzky is there financial expert. In the beginning they were eating out and later saved money by eating at home. They also had five cars and sold two of them to make extra money. They also cut down on the amount of shopping they did. In the end, they were on track to save 1.5 million …show more content…
Sally, Dan, Emily, Danny, and Sam make up the Eggleston family and David Bach is there financial expert. The Egglestones had a lot of credit debt and began paying off the cards with the lowest balance first. They then called credit companies and asked for lower interest rates and fees. They also picked up extra jobs such as coaching baseball and painting houses. They were able to successfully get out of debt.
In the end, two out of the three families finished the program and got out of debt. I was surprised that they were successful, because in the beginning it did not look so good. There were bad habits to break and overspending to eliminate, however most of them were able to do so.
The Oprah Debt Diet showed how families got into debt and how they could get out of that debt. It provided people with a path to get out of debt and set specific guidelines for people to follow. What I learned is that there is that you can always get out of debt and you should not put yourself in that situation to begin
Your credit history stays for 7 yrs, while bankruptcy stays on your record for 10 years. The average credit score is 687 and constantly changes based on the user's decisions. The Oprah Debt Diet is television series showing the lives of three families who are in debt. It shows the current situation, the process to get out of debt, and the end result. The three families in the show are the Bradleys, Widlunds, and the Egglestons. They are all in debt, but have different types of debt and need help from financial advisors offered by the Oprah show. The first family is the Bradleys and they are 170,000 dollars in debt. Steven, Lisa, Madison, and Michael make up the Bradley family and Jean Chatzky is there financial expert. In the beginning they were eating out and later saved money by eating at home. They also had five cars and sold two of them to make extra money. They also cut down on the amount of shopping they did. In the end, they were on track to save 1.5 million …show more content…
Sally, Dan, Emily, Danny, and Sam make up the Eggleston family and David Bach is there financial expert. The Egglestones had a lot of credit debt and began paying off the cards with the lowest balance first. They then called credit companies and asked for lower interest rates and fees. They also picked up extra jobs such as coaching baseball and painting houses. They were able to successfully get out of debt.
In the end, two out of the three families finished the program and got out of debt. I was surprised that they were successful, because in the beginning it did not look so good. There were bad habits to break and overspending to eliminate, however most of them were able to do so.
The Oprah Debt Diet showed how families got into debt and how they could get out of that debt. It provided people with a path to get out of debt and set specific guidelines for people to follow. What I learned is that there is that you can always get out of debt and you should not put yourself in that situation to begin