» Home » Money
The Rapid Expansion Of "credit" The Last 30 Years Is A Major Factor In Our Failing Economies
Credit cards went from nonexistent to ubiquitous in the last 30 years. The average family owes about $10,000 on their cards. Interest rates on unpaid balances are high as loan sharks. People live well beyond their actual means. Is it no wonder so many families are bankrupt and/or working just to pay the minimums to service their debts? How is the contemporary world of personal finances better than it was half a century ago when people pretty much had to have money in order to spend it?
 Grenache  18 Aug 2008 21:03
                           (What's this?)  Add to Firefox  RSS
I agree, but personal discipline is required to live within your means. No one is forcing people to pay 20% interest on a $10 item that they don't need in the first place. The problem is much bigger than expanding credit markets, which, IMHO, is a symptom of a much bigger problem: A selfish, shortsighted American society that wants EVERYTHING NOW. It's how we were trained: To consume at any cost. Fortunately, some people are still capable of thinking for themselves, question the "received reality", and form their own opinions. When people stop buying cr@p they don't need, maybe the credit "bubble" will collapse and the economy will recover.
 
 grokit  18 Aug 2008 21:21
 1 Comment
 
 Absolutely true and individuals should be accountable for their bad choices. But expanding credit is like a drug which drew in society and made most of the public its junkies.
by  Grenache
 18 Aug 2008 21:28
Comment
  
Comment
  
Sign In / Sign Up
 For and Against Recent Activity
Related Debates
Banks Are Running Out Of Money
England Should Keep Pounds As Currency
The Money Tree Doesn't Really Bring You Good Luck, Such As Money, Etc.
Lehmann Brothers' Bankruptcy Shows How The Finance Sector Lies To Protect Itself.
Coupons Should Be Outlawed!
NBA & NFL Make Too Much Money.
The Federal Reserve Should Be Dismantled.
Going Behind Money Is Dangerous
There Should Have To Be Money In Everything
Lotteries Have A Negative Impact On Society
New Debates
Far Cry 2 Is One Of The Best Games To Come Out For The XBOX 360!
Is The Universe Infinite?
God Is Like Gravity!
The Holy Grail Is Jesus' Sex Toy?
Ghosts Can Communicate With The Living..
PSYCHICS Are Really Getting Messages From The Beyond
The Perfect Partner For You Is The Person Who Loves You Not The Person To Whom You Love
Everyone Shouldn't Be Categorized
Humans Are Awesome
If You Feel Sad Or Depressed, Then That's Your Own Fault.