If all the credit cards were taking away in this world and we were only to live off of cash.
Reasoning for my question: the average American lives in debt of $20,000 in credit cards alone...
2006-08-19 09:14:38 · 7 answers · asked by zigspc2002 2 in Business & Finance ➔ Credit
How do you think we got this way? As a college student I receive on average 10 credit card offers a WEEK!
Current debt: college loans to be paid in installments after graduation...
2006-08-19 09:33:23 · update #1
we're not earning less, we're actually earning more by the rate of inflation, just people don't know how to save or use their money wisely...
2006-08-20 07:28:43 · update #2
The american life is almost finished.....maybe China could be know the new USA......They are big and more important Country that US.
2006-08-19 09:35:02 · answer #1 · answered by ? 2 · 0⤊ 0⤋
The debt situation is American has reached epidemic proportions. I have it from a very good source that the lifestyle enjoyed by so many on borrowed time is about to come to a crashing halt. If Americans do not get out of dept and quickly, there are going to be a lot of mansions on the real estate market. And luxury cars and SUVs and electronic equipment ....
2006-08-19 09:24:16 · answer #2 · answered by Emm 6 · 0⤊ 0⤋
We already have. The rate of savings has decreased exponentially since WWII as more people make less money and rely more on credit. Some have to, but some do it because it's their way of life. Furthermore, jobs are getting more scarce, and there isn't that loyalty between employer-employee anymore, the way people are laid off and treated poorly on the job.
2006-08-19 09:20:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The average non-American lives off of $32,000 in credit card debt, so I guess you'd better get used to it too.
2006-08-19 09:21:10 · answer #4 · answered by Idunno 3 · 0⤊ 0⤋
Message to smcin728:
Please tell your Government friends that they need to pay more attention to the governments debt, and quit sticking their nose into mine.
If they fix the national debt, it will help everyone.
2006-08-20 06:47:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
creepy but so true. America is gonna have to do something about this sooner or later.
2006-08-19 09:20:11 · answer #6 · answered by 2Bold2Btold 2 · 0⤊ 0⤋
Yes, and many retailers would collapse
2006-08-19 09:19:22 · answer #7 · answered by 3eleven 4 · 0⤊ 0⤋