Essays on Psychology Ethics Between Credit Card and Cash Money Spending Coursework

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The paper "Psychology Ethics Between Credit Card and Cash Money Spending" is a great example of psychology coursework.   This paper examines the psychological justification behind credit card spending in lieu of cash money spending. Apart from the ease with which one can make purchases on credit cards, they have promoted the culture of spending for necessaries of life without having to postpone acquisitioning until the individuals are able to save enough money to acquire them. It may take years to do so. During that period, people have to sacrifice enjoyment of or suffer for want of these necessaries of life.

The advent of credit cards has made millions of peoples’ lives enjoyable with some costs. Judicious spending whether on cash or credit card should be the norm. Credit cards are rather a weapon for consumer protection and welfare and as long as they are not misused or abused, it will remain a strategic weapon in the hands of the consumers for their wellbeing. The credit cards have therefore come to stay for the obvious reasons for psychological protection and satisfaction, they provide to consumers. Introduction The monetary behavior of human beings has not been dealt with by psychologists until recently as they believed it was the domain of economists.

Besides, they are also pre-occupied with many more serious issues in psychology. It is only after the credit cards have become a compulsive way of life, psychologists have turned their attention to this field also. People are now addicted to credit card spending. Credit card companies have learned to exploit human behavior towards credit cards. A study has therefore become necessary to examine the rationale behind the majority of people’ s preference for credit card spending to the cash money spending.

This paper shall examine how and why credit cards have been made an inevitable way of spending and whether it is desirable to cultivate or curtail the habit and ascertain the role of psychology ethic in cash money spending and credit card spending. The methodology of research being adopted for the purpose is literature review since literature is rich with credit cards’ history and functioning.

References

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Klein Lloyd, It's in the Cards: Consumer Credit and the American Experience Greenwood Publishing Group, 1999 p 1-8

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Money and Minds, available from http://www.moneyandminds.com/credit-card-minds/accessed 11November 2008

Patrick Dave, Feb 25, 2008, Ramsey’s 7 Baby Steps Cash Money Life, available from< http://cashmoneylife.com/2008/02/25/dave-ramsey-baby-steps-financial-peace-university/

>accessed 11 November 12, 200

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Vyse Stuart, 2008 Going Broke: Why Americans Can’t Hold on to Their Money, Oxford University press, p 92-116

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