' The Michigan Daily-Thursday, January 31, 1980-Page 9
CREDIT CARDS POPULAR
ISR study: More families use plastic money
By JULIE BROWN
With wire reports
American families have been using
their credit cards more often in recent
:years, with average monthly charges
nearly tripling from 1970 to 1977, two
University researchers found in a
Sixty per cent of U.S. families u, .-
:credit cards in 1977, compared to g per
cent in 1970, according to Richa3d Cur-
tin and Thomas Neubig of the Institute
,for Social Research's (IS&f Survey
THE TYPICAL family Aad five credit
cards in 1977, as congared to four in
1970, and the average amount charged
per month on all credit cards increased
from $90 to $240 over the seven-year
period, the study repred.
Accordixg to Neubig, the study -in-
volyvda national representative sam-
Pkg for each survey, one conducted in
1970 and the other in 1977. The same
,amilies were not surveyed for the 1970
and 1977 studies, Neubig said.
"We have information for those two
dates, but we don't know exactly when
the 10 percentage point increase in
credit card use occurred," Neubig said.
ACCORDING TO the study, in-
creased reliance on credit cards can be
attributed to convenience and to use for
Credit card debt carries a higher in-
terest rate than ordinary installment
debts - 1.5 per cent monthly or 18 per
cent per year - but also gives buyers 30
days in which to pay off charges
"With a regular installment loan, you
have regular payments, usually one a
month and a fixed amount," Neubig
said. "With a credit card, you're
usually given 30 days in which to pay off
the charge without interest. If you need
to borrow money for longer than 30
days, you can extend the length of the
loan," he explained.
THE STUDY was conducted through
the research center's Economic
Behavior Program by Curtin, an
assistant professor of economics and
director of the Survey of Consumer At-
titudes, and by Neubig, a doctoral
The study noted that frequency of use
among credit card holders remained
about the same from 1970 to 1977, with
75 per cent of all reported card holders
charging a purchase during the
The proportion of all families using
credit cards increased, however, ac-
cording to the study.
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(Continued from Page 1)
A sentence in Milliken's budget
stated the money recommended for
distribution to MSU was "in recognition
of its stature as the traditionally
leading institution of Michigan higher
MSU fans weren't too pleased with
Milliken's apparent attitude favoring
the University of Michigan, and Paula
olmes, the governor's assistant press
retary; tried to soothe damaged.
egos by saying that a typographical
error in the sentence caused a misun-
HOLMES WAS quoted by The State
News, the student newspaper in East
Lansing, as saying that the budget
statement should have read "''a"
traditionally leading institution
rather than "the" traditionally leading
Holmes said yesterday she does not
elieve the governor favors one in-
'- stitution over the o'ther, and that the
reasoning for the higher University of
Michigan increase was because "one
needed more than the other this year."
However, Tom Clay, director of the
Office of the Budget, said yesterday
Milliken clearly believes the University
of Michigan is "the" leading institution
in the state, and that it should be con-
sidered in a category separate from
ather colleges and universities.
CLAY, AN MSU graduate, said, for
example, the state felt it had to use a
different salary perimeter for the
University because "the feeling here
has been that the University of
Michigan oper tes in different
markets, and thafit is competingiwith
the blue chip institution( ifthe country.
Allowances are made to take higher
salaries into account."
One state budget analyst suggested
that if the state could afford to have
*nly one quality school, the University
of Michigan would undoubtedly reap
the benefits from an allocation, of state
That priority makes MSU officials
even more defensive about the quality
of their school. MSU Trustee Blanche
Martin (D-East Lansing) said of the
higher recommendation for the Univer-
sity of Michigan, "They always get bet-
ter treatment, but one of these days
maybe we'll get a governor in there
who is not so partial to U. of M."
-REP. OWEN said, however, the state
does not consider the color of the
school's teams when distributing
money. "Some of the institutions act as
if it's a football game," Owen said.
"That's a lot of crap.'
Owen, chairman of the House Higher
Education Appropriations Subcommit-
tee, said he was concerned with
developing a fair allocation formula
based on institutional needs and cost.
He stressed strong internal
management as being most important
to a university's faring well in the ap-
"Times are tough and there's an in-
clination to pass fees on to students,"
Owen said. He-emphasized that a
university must show it is trying to be
OFTEN A university doesn't look for
areas it can cut from their own budget,
Owen said.. "If the state has to cut back,
universities have to cut back too."
Owen said he disagrees with Sen. Bill
Huffman (D-Madison Heights), chair-
man of the Senate Higher Education Ap-
propriations Subcommittee, who said
state colleges and universities are
receiving more than they actually
need-and that the state can afford.
"That's true when you look at one
year in perspective," Owen said. "But
in the last six or seven years, higher
education has not been treated well."
UNIVERSITY OF Michigan officials
say the governor's $160 million recom-
mendaton still falls short of what they
believe the University needs to main-
tain its programs in the coming years.
Clay said Huffman considerd
Milliken's recommendations for higher
edifcation excessive given the cuts
recommended in other areas of the
Clay also said he understood how
college loyalists could influence
legislators' budget decisions.
"I guess I would have been very sur-
prised had there not been this problem
of rivalry," Clay said. He said he could
foresee changes being made which
would raise MSU's allocation standing.
"The potential is clearly there when
you look at the composition of the
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Senate approves Wayne reform
The Intel Notebook
Careers and Technology at Intel
The Microelectronics Revolution-
and how you can be part of it.
See us on campus February 7.
LANSING (UPI)-The Senate
yesterday approved a hard-fought
compromise giving Wayne County a
means of reforming its government,
but the measure's chief opponent
labeled it a means to cripple the tat-
The conference committee
*eport-which now faces House ac-
tion-won Senate approval on a 22-14
vote with Democrats and Republicans,
Detroit and suburban lawmakers going.
their separate wasys on the
FINAL APPROVAL of the reform
package and the county commission's
initiation of reorganization steps should
free up badly-needed aid for the floun-
Gov. William Milliken has refused to
approve any special aid until such
reform steps are taken, claiming the
county's unwieldy government struc-
ture is largely to blame for its fiscal
Think for a minuteabout what microelectronics
technology has already achieved. Yet we are
still in'the infancy of the microelectronics
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