be sued to pay for all kinds of unusual goods and services including car repairs, hospital care and accidental life insurance.
Credit cards offer tow major services to Americans. First of all, they are easier and safer to carry than large amounts of money. Second, they permit people to borrow, to have the immediate pleasure of owing something, even if they do not have enough money to pay for it at the time. With credit cards people pay for goods or services at the end of each moth instead of when they buy them. And when the time does come to pay, most credit cards offer people a choice. They can pay all of what they owe for the month or they can pay just part, usually between 5 and 10 percent of what they owe. A University of Michigan Study found in 1977 that abut 2\/3 of all families paid the full amount owed at the end of each month. The other 1\/3paid only a part of what was owed. It is the second group that until recently provided credit card companies with almost all their earnings. That is because these people pay a service charge or interest for the right to postpone payment. In most cases they have to pay about one and one half percent a month or 18 percent a year for what they owe. To receive credit cards, people must prove that they earn enough money to pay for what they buy. And they usually must prove that they have paid back the money they borrowed in the past. Then after they receive the card, credit companies limit how much they can buy with it. Visa and Master Card, for example, do not permit most of their users to owe more then 1,000 dollars.
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