Debt. It’s a dirty word, associated with credit cards and loans from loan sharks that have a 50% interest rate and demand a re-payment within 30 days. There are problems with debt. People have a habit of taking on a lot of it and not paying off the loan (or the credit card). These are significant issues. The average American has thousands in debt.
Debt can be associated with many things. First, there are credit cards. Credit cards are basically an open money line with a limit (sometimes hundreds, sometimes thousands of dollars). Individuals can use the credit card for every day purchases, as well as for emergencies.
For these issues, they are good. Credit card debt, though, is a huge problem in this country and speaks to the rising costs of goods without rising income levels. People feel