A study was done by the FSA on student use and understanding of credit state that “ All parents in our sample warned their children to avoid debt and attempted to teach them about the importance of saving, whether or not the parents themselves were savers” (Warren, 165). This study states that young people would own quite the range of financial products including checking, savings, and credit cards or store cards. The role of money for the young people in this study relates that “ money was important to all young people for socializing and creating an image for themselves” (Warren, 166).
This study proves that there are many concerns that must be addressed in regard to a full understanding of financial and fiscal responsibility by college and university students. Durkin provides insight in regard to consumer attitudes toward credit cards. The research involved determinations with regard to how attitudes changed over a set period of time. Overall opinion, according to the treatise, finds that attitudes tend to be toward the negative end of the spectrum in regard to credit card use in 2000 where it was not so in 1970 rising from 28% to 33% (Durkin, 623).
There were more than18.3 billion credit card transactions in the year 2003. The reputation of credit cards continues to increase every year and that is because more and more consumers use credit cards and the number one reason is that businesses are starting to accept more than just their credit cards they also accept the major credit cards such as MasterCard, Visa, and American Express. But, we do need to ask ourselves; why, do merchants accept credit cards?
We ask ourselves this question because we know that credit cards are very costly especially to process the payment. (Hayhoe, 656)The attitudes of college students in regard to credit were measured. Researchers in this particular cares developed a Likert summated rating scale which was composed of a series of statements relating to credit cards.
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