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 05:00:55 · 3 answers · asked by lala_jonesy 2 in News & Events ➔ Other - News & Events
Credit cards affect the economy both good and bad. For one when people spend using credit cards it brings economic boom to the businesses as well as the lenders of those cards because the interest that will accumulate from the amount owed. On the other hand it will also affect the economy and the citizens economic situation in a bad way because people spend more than they can afford thus making them swipe their cards more which leads to burying themselves in debt which can lead to bankruptcy. Everything has to be done in moderation.
2006-09-25 05:05:53 · answer #1 · answered by june_ellis86 1 · 1⤊ 1⤋
When the economy is good interest rates go down. When people have the money to spend, cash or credit the economy goes up. However, it is not wise to carry large balances on credit cards or they will never get paid off. Best to pay them off each month.
2006-09-25 12:05:18 · answer #2 · answered by Heidi 4 6 · 0⤊ 0⤋
We buy more sh*t than we can afford. More people are in debt than ever. Credit Card companies laughing all the way to the bank. The sun and moon are not in alignment. Cats a dogs no longer living in harmony. Fezz from "That's 70's Show" has his own show on MTV. and I stubbed my toe. All because of the invention of the credit card.
2006-09-25 12:09:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋