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 05:01:04 · 3 answers · asked by lala_jonesy 2 in News & Events ➔ Current Events
Credit card use increases the "velocity" of money( how much money is spent) in an economy. The result is higher consumer spending rates(most people spending money they don't have) and higher Gross Domestic Product. This means a better economy in the short term/ higher employment, however over longterm credit cards may be a bit harmful because they increase overall consumer debt.
2006-09-25 05:19:43 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Credit card use increases spending rates and the Gross Domestic Product (GDP) which helps the economy. The is kind of a false boost however because credit cards will be harmful in the long run as everyone incurs more debt.
2006-09-26 06:53:32 · answer #2 · answered by Ralph 7 · 0⤊ 0⤋
they,ve put me in lots of debt
2006-09-25 05:08:38 · answer #3 · answered by Anonymous · 0⤊ 1⤋