As someone who comes from a working class background, I hate this system. Credit is something that ought to be abolished in its current form. Credit card companies and banks abuse this system to offer overpriced loans to desperate people, and they oversell the convenience to working class folks, encouraging them to buy things on credit they otherwise couldn’t afford... Now they most likely will pay their credit card bill at the end of the month, but at the cost of not having any money for the rest of the month.

Moving to America I was horrified to learn that in order to get applicable for loans (including home loans) I had to “work up my credit”, which includes maxing out on credit cards and then paying it back. As a teenager I made it my philosophy (experiencing second hand stress from the people around me) never to get a credit card. Now if I want to have a realistic opportunity to buy a house here I’m forced to abandon this philosophy and to the thing that kept my mom in constant state of stress. This credit system ought to be abolished.

From my personal perspective, credit cards are a systematic way to bamboozle the working class into over-consuming and keep them in constant state of dept. And to reward the wealthy for the same behavior, which only serves to shove it in the face of poor folks that the rich get away with everything. This system ought to be abolished.