Credit marketed to cunsumers Essay Example | Topics and Well Written Essays - 1750 words

Credit marketed to cunsumers - Essay Example Emphasis is given to the following fact: the marketing plans that promote credit have a series of severe implications for consumers. These implications are analyzed below aiming to highlight the need for setting barriers to the marketing of credit around the world. One of the most critical findings of the study seems to be the following: in the past credit was regarded as a tool used under exceptional conditions; today, credit has become a key part of daily life. Thus, the terms of its marketing should be thoroughly reviewed as of their effects on consumers. In order to evaluate the potential consequences of the credit marketed to consumers it is necessary to refer primarily to the methods employed by marketers for promoting credit. Commonly, marketers who design the marketing plans promoting credit use themes and issues related to critical social incidents or problems. For example, in USA ‘the credit cards that aim to cover medical expenses’ (Scurlock 6) are quite popul ar. Another issue quite important for marketers developing these plans is the marketing means used for communicating with the public, i.e. for promoting credit to consumers. ... In other words, the marketing plans promoting credit can appear almost everywhere. It can be quite difficult for consumers to resist to the dilemmas set through the relevant advertisements. However, consumers have started to face these plans with skepticism, especially since the image that these plans present in regard to credit-related products have been proved as unreal (Scurlock 12). The introduction of the concept of credit score is considered as an effort of marketers to control the concerns of consumers towards the credit-related financial products (Scurlock 127). The positive credit report has been set as a prerequisite for the extension of existing credit or for the provision of credit; the last case refers to consumers who borrow money for the first time (Scurlock 127). The credit report is based on credit scores: a high credit score denotes a consistent borrower while a low credit score indicates the failure of the borrower to respond to his obligations in regard to his deb t (Scurlock 127). Today, credit score is used for checking the overall financial status of a person, a fact that has caused strong criticism; for example, a candidate for a specific job may be asked to bring his credit report before signing the employment contract (Scurlock 128). The above practice violates human rights since it justifies the access to private data (Scurlock 128). Although it is widely used, the credit report hides a series of risks: a) by emphasizing on credit report and on the importance of credit score authorities and organizations seem to promote a specific trend: consumers are urged to put all their efforts for protecting their credit score. In this