F M ' 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 recently-completed study. 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 esearch Center. 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 borrowing. 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 without interest. "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 student. 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 previous month. The proportion of all families using credit cards increased, however, ac- cording to the study. You play the leading role in our fight against support1birth defects MARCH OF DIMES DO YOU WANT TO: lose weight - quit smoking *improve stuoly po6tenitial? .. RESERVE NOWT FOR 3 DAYS ONLY LIMITED SPACE Group Seminars in HYPNOSIS ctr change your lift . Program 1 Lose Might/Keepit off"I yr' ti i Ne~1dFeb6630 pm.-8:30 pm. s ' :..... ...:.:ThusFeb79:30 am. 1:30 a~m 1 9:~~00P.M.-11:00P.M. Fri.Feb.8 630pm 830pm Pogam OuitSmokingnOneDay . Ned.Feb. 8.9.30 e.. 11:30 am. John Kolisch, instructor: 25 years in the field of Thurs Feb.?.,6:30 p.m.- 8:30p.m. hypnotism as a lecturer, hypno-technician, and a ,Fri. Feb. 8. 9:30 am. - 11:30 a.m. member of the American Institute of Hypnosis. 9:00 p.m.- 11:00 p.M. Program3 Increase Study Potential/Improve Grades Vepn* c p Fe .6.3:00p.m.. 5:00 p.m. Viepoit Lctues resntsThurs. Feb. 7 3:00 p.m. -.6:00 p.m. KO LISCH- "Phenomena of the Mind" Fri. Feb. 8,3:00 p.m. -5:00.p.m. Michigan Theatre Tuesday, February 5. 1980, 8:00 p.m. SESSIONS HELD AT MICHIGAN UNION.CONFERENCE ROOM 4 Admission: $2.00 Student and univerAity AN dEsaT CavalaW. FOR FURTHER INFORMATION AND RESERVATIONS CALL 769-0661 _U(O LI SCH______ i 1 a J Mi/lken favors 'Uhr MSU patrons charge (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 education." 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- derstgnding. 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 institution. 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 resources. 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- propriations process. "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 "more cost-conscious." 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 budget. 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 legislature." *9 '4 ludweis er Florida * Breakout Ocean Front Hotel Rooms in Lauderdale This Spring Rreak? Student Suntrips offers these accommodations right now! i E y. ~ _. -i Y ' +-' " As lowas $109/person/week * Conveniently located on 'The Strip' For Reservation Information Call Toll Free-1-800-848-9540 0- Arrangements by Student Suntrips, Inc. ._ _- -. . - Senate approves Wayne reform N 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. r N 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- tered county. 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 emotionally-charged issue. FINAL APPROVAL of the reform package and the county commission's initiation of reorganization steps should free up badly-needed aid for the floun- dering county. 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 plight. Think for a minuteabout what microelectronics technology has already achieved. Yet we are still in'the infancy of the microelectronics revolution. And no company is doing more to speed it than Intel. 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