2006-09-28 00:15:11 · 5 answers · asked by Gordon F 1 in Social Science ➔ Economics
What do u mean by credit? creditcards or money supply?
2006-10-01 18:08:29 · answer #1 · answered by Cat Commander 3 · 0⤊ 0⤋
The true role of credit in a consumer economy is to make slaves of the people. In the last 20 yrs credit has been made easier and easier, cards are given to students with no income to get you hooked to the system before you even get a job. Now the credit card companies, ie banks, are consolidating. Almost all credit cards are owned by fewer and fewer banks as they buy each other out. Used to be you could call and talk to someone at a credit card company and get lower rates, or get the atrocious late charge waved if you had been a good customer for a long time. Now, with less and less competition, they don't hear a word you say. You late, you pay the ultimate penalty. Recently a credit card company raised my interest rate from about 14% to about 29%. When I called and asked why they told me it was because I have been making the minimum payment. Well, I thought that was what they required. Credit is designed to get us more money to spend on consumer goods, and to hook us to a burden we cannot get out from under.
2006-09-28 20:32:40 · answer #2 · answered by irongrama 6 · 0⤊ 0⤋
one of credit's significance in a consumer economy is that it gives the person more spending power
2006-09-28 07:27:53 · answer #3 · answered by merkkrem101us 3 · 0⤊ 0⤋
CONSUMER ECONOMY is Built on credit
2006-09-28 07:19:39 · answer #4 · answered by GOOCH 4 · 0⤊ 0⤋
credit expands the frontier of possibilities of a person...
2006-09-28 17:29:05 · answer #5 · answered by Sam A 2 · 0⤊ 0⤋