how has the economy play a role when it comes to people and credit cards. or better yet, how has credit cards effect the ecomony.
2006-09-25 05:00:04 · 3 answers · asked by lala_jonesy 2 in Business & Finance ➔ Personal Finance
In 2005 US consumer debt reached $2.17 trillion dollars
$800 billion of that is credit card debt. MSNBC .
Basically the entire country is living on debt NOT A GOOD LONG TERM POLICY but this helps grease the economic wheel by providing money to businesses who buy products to sell and hire people to work in their companies. But this country seems to have disavowed the whole idea of saving which in the long term means more bankruptcies and foreclosures whenever anyone loses a job or has a serious illness.
2006-09-25 05:07:24 · answer #1 · answered by michaelangelocerda 1 · 0⤊ 0⤋
Credit cards boost the economy b/c people spend more freely.
Just like how loans boost the economy, can you imagine how many people would not own a home if they had to pay cash.
2006-09-25 12:04:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
When used with a little common sense they good when used just because you want something and con not afford it then there is a problem
2006-09-25 12:10:05 · answer #3 · answered by norsmen 5 · 0⤊ 0⤋