Is the credit system just a way to subjugate less fortunate people?

_John_
_John_ Posts: 8,646 Member
edited March 6 in Chit-Chat
Or does it fairly push people not to buy with credit?

Replies

  • ninerbuff
    ninerbuff Posts: 49,181 Member
    Unfortunately, debt is what keeps the economy moving. If people could only pay with cash, there wouldn't be much business going on. Less cars bought, less electronics, home improvements etc.
    The statistics show that the average American credit card debt is $15,000. For many, that's their limit!!!!

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  • Fitnin6280
    Fitnin6280 Posts: 618 Member
    Neither... It is a way to reward those who work hard to keep their finances in good order.
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  • Espressocycle
    Espressocycle Posts: 2,245 Member
    I was poor and managed to maintain good credit by living within my means. I used that credit to buy a rundown house and got a zero interest credit card to pay to fix it up. Then I sold it for double the money. Credit has helped me enormously in building up stable finances.
  • leadslinger17
    leadslinger17 Posts: 297 Member
    capitalism-ron-swanson1.jpg
  • SuninVirgo
    SuninVirgo Posts: 255 Member
    jenelh wrote: »
    Neither... It is a way to reward those who work hard to keep their finances in good order.

    Yes
  • DenDweller
    DenDweller Posts: 1,438 Member
    It is a business transaction. It is an attempt to profit from someone else's need based upon assumption of risk.

    Anyone who tries to assign a higher ethical imperative to it, one way or another, is a bit off the mark.
  • ninerbuff
    ninerbuff Posts: 49,181 Member
    jenelh wrote: »
    Neither... It is a way to reward those who work hard to keep their finances in good order.
    Disagree. Because there were LOTS of people with great credit and finances till they lost there jobs and filed bankruptcy.

    A.C.E. Certified Personal and Group Fitness Trainer
    IDEA Fitness member
    Kickboxing Certified Instructor
    Been in fitness for 30 years and have studied kinesiology and nutrition
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