Re:U.S. credit card debt jumps 18.5% and hits a record $930.6B
by time_to_smile on Friday February 03, 2023 @01:30PM
(#34645711)
> These cards are accepted by society because they benefit those who know how to use them
No, they're accepted because the only way we can figure out how to continue economic growth is through a massive credit system. This means doubling down on a strategy of infinite growth as that is the only way such a system is sustainable.
Cheap money coupled with expanding credit is the foundation of the global economy for the last decade. You could also argue pretty easily that cheap money is just another view of expanding credit.
If we increased the cost of money and reduced the amount of consumer credit available the global economy would collapse. Ever since the GFC we've pushed off collapse only by expanding global debt.
No, they're accepted because the only way we can figure out how to continue economic growth is through a massive credit system. This means doubling down on a strategy of infinite growth as that is the only way such a system is sustainable.
Cheap money coupled with expanding credit is the foundation of the global economy for the last decade. You could also argue pretty easily that cheap money is just another view of expanding credit.
If we increased the cost of money and reduced the amount of consumer credit available the global economy would collapse. Ever since the GFC we've pushed off collapse only by expanding global debt.