Robert Manning: Credit Card Nation: The Consequences of Americas Addiction to Credit

[07braves]

DONT GET CREDIT CARDS...SIMPLE...if you dont have the money to get something...SAVE for it..till you can afford to pay cash for it.

[TigerRocket]

@07braves How does this "simple" solution work when costs rise while, in fact, income remains below the level to meet the bills? Rising costs have been steady during the same 2 decades that income has remained relatively flat in comparison. Credit is not about new luxury items but about financing homes and businesses. How does one "save" the cash on a lifetime investment? How many do y o u know that are able to "save" and pay cash for a home, college, or business? Not so simple friend.

[TigerRocket]

@07braves Saving is admirable, but hardly "simple" given the complexity of financing a future. 5 digits worth of college b e f o r e one earns the level of money to pay the entire bill. No. "SAVE for it" is not that simple at a l l. Try to distribute major goods and commodities without a line of credit. International trade would come to a halt as we are currently seeing because any large economy requires s o m e credit for growth. Credit was not the problem. Abuse of the principle was.

[TigerRocket]

@07braves Ethics simply cannot be legislated.