Why are so copious americans contained by credit card dept?
Answers: Because in order to carry good credit you have to shift into debt, now why people run in thousands over their heads I will never know. And I presume it is hilarious when they say it can't be help, they even have groups out now...shopaholics anonymous...:P
They enjoy been paying minimums rather than paying stale the card every month.
Then the interest starts to make the amount owed balloon.
Short periods of laying-off, or long periods, they go on living as commonplace, expecting to pay the CC off when the dosh flow resumes. They are living on very high priced credit.
I meditate you mean credit card debt. it's partly due to poor discipline by individuals (I enjoy the card so I'm gonna use it even though I know I don't have the money to pay) and it's also partly due to credit card companies preying on that drought of discipline (I know that this person will probably max out their card if i give it to them so I'll gross lots of interest off of them). Credit card dept? department? or debt? owing too much money?lol.it is because of those stupid junk mail, tempting offers and unruly shopping addiction. Lenders kept lending, borrowers kept borrowing, some don't pay fund, results in higher interest rate and borrowers' withdrawal of guidance to the importance of money and credit worthiness.
Most Americans are stupid. Many Americans also grew up watching mom and dad avoid the bill collectors so they think to be precise how you are supposed to live.
There are many hard working immagrants who come to this country and do NOT rely on credit. They work 12 hours per daylight and then buy their homes CASH.
The bottom line is that populace think that the plastic isnt money. Some of them think they will never own to repay. They will live the rest of their lives in debt living pay check to pay envelope check.
All this credit stuff occurred after WW11
People could buy now and settle later. If they had to stockpile for all the things they needed they would not have much purchase power. So...companies extended credit to everyone which help the companies and the buyer. Today people have too frequent credit cards and spend foolishly...hence they get into debt that is amazingly difficult to get out of. Every major store you step to ask you if you are going to be putting that on your "-----" Credit Card. And you say no. They say would you close to to apply for one you get 10 percent off your purchase. We fall over for it. End of story.
Very simple, lack of self discipline.
I'm not saying in attendance is anything wrong with credit cards as long as they are used responsibly which means never spending more afterwards you can pay for when the bill comes.
Because we have a "I want it right here, right in a minute!" mentality. Don't have the cash for it? No problem, you've get plastic. So many reasons.
Gotta own it right now mentality, keeping up with the joneses, not knowing how to have power over money, etc.
Mismanagement of money, and spending more than we have and can afford. We want what we want NOW - We don't want to wait and earn it.
Lack of self control. Because we approaching spending money we dont have