Ethical Finance: Who Benefits From Our Spending?
On one hand consumers are being universally criticised for running up significant amounts of debt on credit cards, yet conversely many companies are capitalising on the growing credit card debt, from charities and political organisations to football clubs, the Association of Surgeons and somewhat ironically ActionAid, an international development agency whose aim is to fight poverty worldwide.
Financial comparison site moneynet.co.uk provided 226 credit cards in a general credit card search, from which the consumer could choose a product to suit their lifestyle, as well as their wallet. Credit cards with charity branding involve many major organisations including Amnesty International, Christian Aid, WaterAid, RSPB, Save The Children, the Ramblers Association, Oxfam, Greenpeace, the Vegetarian Society, RSPCA, ActionAid, Children In Crisis, Help The Aged, Tearfund and the Terence Higgins Trust.
Perhaps it is fair to say that if people are going to spend on plastic, they should be helping charitable organisations on the way and should they feel inclined to contribute to a political institution, donating a small % of each transaction is a convenient method. If most consumers were ethical spenders, then associations between transactions and third party beneficiaries would inherit this quality, but as debt spirals out of control, is it responsible or ethical that someone should benefit at the cost of someone else?
Although it is standard for most card providers to offer an introductory free period, the consumer may be hit by a more substantial annual percentage rate (APR) later on the year, with some providers, such as ASDA charging a massive APR of 28.8%. Even ActionAid charges an APR of 17.9%, rescuing the developing world at the expense of the developed.
For further information about credit cards and details on specific providers:
http://www.moneynet.co.uk/
http://www.eiris.org/
http://www.creditaction.org.uk/
http://www.moneybasics.co.uk/mb/site/Home.html
Rachel writes for the personal finance blog Cashzilla:
http://cashzilla.blogspot.com/
Rachel drinks Guinness and has the Best Hits of 1987 in her music collection.
Cashzilla is an Aries. He has a flamboyant character and a tongue that could heat up any conversation. If Cashzilla was an A-Team character, he'd be Murdock.
MORE RESOURCES:
 |
|
|
RELATED ARTICLES
Choosing the Best Low Interest Credit Card
With so many low interest credit cards on offer, how do you know which one to choose? Here is a brief guide for choosing your low interest credit card.The Chase Manhattan MasterCard is a great choice, for those with an excellent credit rating.
The Easy Way To Gain Access To Your Free Online Credit Report
When you apply for credit, those lending you the money want to know if you are going to pay them back. One way they decide if you are a good risk is to see how you've dealt with other people's money.
Credit Counseling: Is it Really Necessary?
Not everyone has a positive experience with credit counseling. Potential creditors often frown upon consumers who are going through credit counseling, denying them credit or sticking them with elevated interest rates on new lines of credit.
What Happens When Your Credit Is Damaged? Do You Have Recourse?
The good thing about bad credit is that you can fix it. If you start now, over time, your bad credit can turn into good credit, and you could qualify for the loans you want at the rates you want.
Why Your Credit Score is Important
Your credit score can either haunt you or reward you. It all depends on how you handle your credit and payment activities.
10 Simple Steps to Manage Your Credit
By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card.
How To Survive In A Plastic World, Qualifying For Credit Card
Let's face it, having credit is no longer a choice. "Don't leave home without it" is more like "can't buy a home without it.
10 Ways of Reducing the Risk of Identity Theft
1- Check your credit report regularly2- Secure personal information in your home, especially if you have roommates, employ outside help, or are having work done in your home.3- minimize the amount of information someone can steal, do not carry extra credit cards, your Social Security card, birth certificate or passport in your wallet or purse, except when needed.
Trade Credit: How to Determine if You Should Offer Net-30 Terms to Your Customers
What is trade credit?One of the major differences between consumer and commercial transactions is that most, if not all, consumer transactions are paid in cash or by credit card at the time of sale. Because of this, most consumer businesses never have to worry about extending credit to a customer and can run their operations on an "all cash" basis.
Credit Enhancements: Seven Tips For Enhancing Business Credit Transactions
What are the avenues available to businesses with weak credit profiles or to companies pursuing credit transactions that are perceived as too risky by credit providers? Many companies apply for credit at banks, finance companies or equipment leasing firms and are routinely rejected due to the high degree of perceived credit risks. When approaching a credit provider, it is helpful to understand what can be done to reduce the risk of a credit transaction in the eyes of the provider.
Commercial Collections: Business Finance Booster Shot
Commercial collections: fixture of the new B2B cultureIf you're in the business-to-business field, or even if you're a consumer products business that works through third-party distribution channels, you probably know what it's like to check your mail anxiously each day, sifting through all the bills for that payment that was supposed to have been in months ago.It wasn't supposed to be like this.
5 Surefire Ways To Eliminate Credit Card Debt
Do you have enormous credit card debt? You are certainly not alone. According to research, the average family in the United States has $7000 in credit card debt and pays about $1000 in interest each year! Throw in a late payment or two, or an over-the-limit charge, and that number skyrockets.
Why Does FACTA Matter to Me?
FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year.
How To Choose Your Credit Card Application
The articles and tips provided on this site are intended to help you access credit card offers that suit your lifestyle. By providing you with some basic information, we are confident that you will be able to easily identify which are the best credit cards for you.
Fair Credit Reporting Act: What You Should Know About It?
The Federal Fair Credit Reporting Act (FCRA) is designated to promote accuracy, fairness, and privacy of information in the files of every "consumer reporting agency" (CRA) or Credit Bureau. Learn what the law says and repair your credit today!Most CRA are credit bureaus that gather and sell information about you, such as if you pay your bills on time or have filed bankruptcy.
Bailiffs & Council Tax - Knowing What To Do
This article is about bailiffs who may call trying to collect Council Tax or Community Charge (Poll Tax) arrears. If a bailiff has contacted you to collect another sort of debt the law might be different.
What Is A FICO Score?
A credit score is most commonly known as a FICO score. FICO stands for Fair Isaacs Corporation.
The Ghost of Expected Surprises
Here, Cratchet, what do you think you're doing?Uh, er, leaving sir.Leaving? It's 5 minutes to the hour.
Borrowing on a Credit Card
One of the easiest ways to borrow money of a financial institute is to use a Credit Card, available from all banks, building societies, and other financial organisations. The choices available are enormous, with a wide variety of interest charges, annual charges, loyalty schemes, and bonus points available.
Discover the Parts of a Credit Report and What They Mean
So you ordered a copy of your credit report to check for inaccuracies and get the most from your credit score. Now how do you read it? Your credit report is read and used by any number of people you deal with on a daily basis, from your landlord to your employer to a potential lender.
|