Assessment on the Importance of the Credit Card Among Professors of the Bestlink College of the Philippines

Authors

  • Mark Jess

Keywords:

It would be extremely helpful to be knowledgeable in terms financial matter

Abstract

INTRODUCTION

Credit cards are simply pieces of plastic technology that make it more convenient for people to buy things without carrying enormous amount of cash. Credit card holders owe an astonishing 135 billion pesos! This averages to roughly P20,000 owed per card. Over 15% (or approximately P18 billion) credit card receivables are past overdue. What is more shocking is that this amount is significantly lower than the recorded height of 22.5% back in 2004. This study was conducted to determine and assess the importance of credit card among professors.

METHODS

The researcher used the descriptive method of research. This research had collected data from random earning individuals. The initial process conducted in the research was the distribution of survey forms, (questionnaires), specifically held in to confidentially to extract pertinent information that could be gathered for the purposes forming a hypothesis and establishing a strong basis for a proposition.

RESULTS

This study was conducted to determine and assess the importance ofcredit card among professors. It aimed to answers 1) the significance of credit cards among professor; This study proves that credit cards are indeed significant to the credit card holders. As to the features of credits cards, the respondents take into consideration the following which are deemed to be of importance to them such as malfunction, lost or stolen, unauthorized use, errors on account statements, Authorizations and processing of transactions, Transaction limit, Fees and charges; and Interest charges. 2.1) Advantages and disadvantages of credit cards; credit card is convenient, quick to borrow, balance transfer, builds credit score and provides low-cost loans. In addition; the respondents of this study says that credit card helps them in cases such; installment basis, cash advance. The following 2.2) disadvantages of the credit card; (a) it can damage his/her credit history; (a) wrong use of credit cards can lead to severe debt and one's bankruptcy. 3.) Implications of using credit cards with regard to spending habits; (a) spending habits have changed from the traditional to extravagant, (b) it made the credit card holders to be in the limelight.

DISCUSSIONS

Anyone who will be using a credit card should be knowledgeable on its rights, privileges and limitations to prevent overcharging that may lead to lawsuits, bad credit history. Every card holder should always be responsible in safeguarding his/her credits cards from theft, stolen personal data and others.

Published

2019-01-18