Can anybody explain to me why this happens in the richest country in the world? I live in Europe and honestly I never heard of anybody having this level of issues with credit card debt. I feel like people here just save, then spend, not the other way around. But perhaps it’s too simplicistic?
It’s only richest for some folks. Others don’t have enough income to pay for basic necessities and cover rent, so it goes on the card and becomes a big problem later.
Also keep in mind we use a credit system that’s tied to so many important loan related necessities. If you don’t open credit cards and get into debt and pay it back regularly you won’t be able to finance/get a loan for a car or a house.
Can anybody explain to me why this happens in the richest country in the world? I live in Europe and honestly I never heard of anybody having this level of issues with credit card debt. I feel like people here just save, then spend, not the other way around. But perhaps it’s too simplicistic?
Predatory business practices, lack of willpower, consumer culture, inflation
It’s only richest for some folks. Others don’t have enough income to pay for basic necessities and cover rent, so it goes on the card and becomes a big problem later.
Also keep in mind we use a credit system that’s tied to so many important loan related necessities. If you don’t open credit cards and get into debt and pay it back regularly you won’t be able to finance/get a loan for a car or a house.