Hopefully people are falling out of love with debt.
I pay all my cards in full. No interest required. Plus I make around $1000 a year from my costco Amex card. WIN WIN!
It would be interesting to see how many people who had Credit cards in that period from 2001 to 2008 have lost their jobs and had to declare bankruptcy, thus clearing out most debt?
The answer to this is simple. DON'T PAY FOR LIFESTYLE WITH DEBT. The instant gratification culture that prevails today has caused a massive load of irresponsible borrowing for things that are unnecessary.
Someone has maxed out their credit cards and is whining about not being able to get out of debt? Too bad. So sad. Save instead of borrow to start with.
While I am not at liberty to say exactly what, I can say this, the Republic of Maine will be a Christian nation that is a true Republic, not an oligarchy, like the US and the rest of the so called 'free' world democracies. There will be no federal reserve, nor will bankers or lawyers be in any place of power.
My advise on credit cards and debt is CASH whenever possible:
Charge to credit cards only if you need a record of the transaction otherwise cash is anonymous. Remember someone is watching what you buy and from whom.
By paying cash, you feel your spending habits immediately, not at the end of the period when the charges come due. Don’t have the cash, don’t buy.
If you charge, always pay off the charges in full each month thereby using their money interest free and maintaining a good credit rating. Never know when you might have a life (not life-style) emergency that requires temporarily going into debt.
Keep a small cash reserve at the ready. Cash gives you leverage to negotiate prices and to take advantage of special opportunities. Some transactions require cash only.
There are many more advantages to cash that I have not mentioned. I could go and on, but many freepers already know and practice this business model.
BTW, I didn’t say it was easy, you have to work your way through it.
Polls are not fact or factual.
Consumer credit is as large as ever. Read the “Financial Accounts of the United States” quarterly report.
Half the people are not paying off their credit cards every month. Not even close. People lie about such status.