What is Pop Culture?
Week 1 - 8/22/2014
Pop Culture Defined
According to Dictionary.com, Pop Culture are the activities or commercial products reflecting, suited to, or aimed at the tastes of the general masses of people ("Popular Culture"). This is a great explanation of a idea that is fairly intangible in nature. Ray Brown does a good job of expanding on this definition is his book Profiles of Popular Culture, where he explains Pop Culture as the system of attitudes, behavior patters, beliefs, customs, and tastes that define the people of any society (Browne, 2005). Essentially, Pop Culture is exactly what it sounds like: the culture of the populous. Due to the inherent and natural variability of different cultures, pop culture very well could be different for different societies, while some things in pop culture transcend barriers of geography, race, ethnic backgrounds, and religious beliefs that commonly divide the world's population.
Pop Culture in Finance
So, now that we understand what Pop Culture is, how does it impact business? In my case, I'm asking how it impacts the world of Finance? While Pop Culture may have a much more direct impact on other disciplines, such as design and marketing, it surely has an impact on Finance as well. For instance, lets take my artifact for the week, the credit card:
Credit Cards seem to be a way of life for America, right? How many do you have in your wallet or purse right now? Let me enlighten you, dear reader, with an astonishing, and terrifying fact. The average American has $15,480 in credit card debt ("American credit card debt," 2014). Credit Cards are so ingrained in us, that it is absolutely fascinating. We feel privileged when a company "approves" us for a credit card, and we use it to buy up everything in sight. We even have Credit Card Barbie, of course sponsored by MasterCard, which teaches kids at a VERY young age how to simply swipe that plastic to get what you want. This is today's culture, and it has been a dramatic shift in the past century. Consider this interesting anecdote: in 1910, Sears, in their catalog, said, "Buying on Credit is Folly (Ramsey, 2013)." Translation: Anybody that borrows money is stupid. Keep in mind this is a company...that stays in business by taking people's money in exchange for goods. Even THEY thought it was unwise to borrow, as did the culture back then. Then one day, they realized they were on the other side of the table, and could profit off credit, while marketing to consumers saying they can get the things they want, and pay later. Next, let me ask you, have you heard of Discover Card? You know, the third biggest credit card company in the world? Guess who started that company, just 28 years ago? Sears. Sears changed with the pop culture, and in doing so created a very successful business; it wasn't until they sold discover card in 1993 (so they could accept competition Mastercard and Visa from customers without creating a conflict of interest) that they started to go downhill...they probably should have sold their retail business and kept their financial business, but hindsight is always 20/20.
So, how do you feel about credit cards? Do you have any? Do you pay them off every month? Post your comments below!
References
American credit card debt statistics: 2014. (2014, August). Retrieved from http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
Browne, R. (2005). Profiles of popular culture. (p. 3). University of Wisconsin Press.
Popular Culture. (2014, August). Retrieved from http://dictionary.reference.com/browse/popular%20culture?s=t
Ramsey, D. (2013). Total money makeover. (p. 22). Thomas Nelson Inc.
Ryan,
ReplyDeleteI really enjoyed your blog. The way you explained pop culture made it very easy to understand it. I learned a lot about credit cards in your blog and what I learned is a little scary.
I was very shocked to learn that the average American has approximately $15,480 in credit card debt. I do however understand how someone can acquire so much credit card debt. I remember when I was a little girl watching my mother pay with her credit card in every store that we went into at the mall. She had a credit card for almost every store in the mall; including Sears. She made it look so easy…..like there was no $$$ actually involved in the transaction.
I do have a few credit cards. I have 2 for my business and a couple personal ones. I opened these cards up over 6 years ago. I honestly wish that I never would have opened them because I have bought items that I didn't really NEED…I just wanted them. I have been told to keep my balance below half of my credit card limit. By keeping it below half of the limit, my/your credit score is supposed to be higher.
Hi Ryan,
ReplyDeleteI enjoyed your blog as well. It's always beneficial to read on ways to stay out of debt.
I remember being a young teenage girl and my mother constantly telling me to stay out of debt and to not get in the habit of getting a lot of credit cards. She always said one major credit card was enough.
Once I turned 18, I had a mindset that I was grown and knew all the answers, well years later I've accrued so much debt due to credit cards. I'm proud to say that I am now down to one major credit card and at the age of 32, I've finally decided to listen to my mother.
Do I pay my credit card off like I should? No.. I would love to get extra tips on how to increase my credit score.