The Impact Of Credit Cards On Americans

In 2014, 71% of Americans had at least one, if not more, credit cards. Credit is something that in today's world, people could not imagine themselves without. Different forms of credit have been around since the early 1700´s . Credit Cards have become an everything thing in American life. ¨Buy now, Pay later” has taken over the modern world. Credit has its benefits, however, credit has mainly had a negative impact on the American people. In the Roaring 20s, credit took off. Average people, not just the rich, were starting to use credit. Credit became known as ¨Buy now, Pay later¨, which is quite simply true. If someone wanted to buy something but simply did not have the money, it was not a big deal anymore. Credit allowed for people, poor …show more content…
This was a result of many things, especially the crash of the Stock Market on Black Tuesday. Many banks went out of business and all of the money in the banks were gone. People lost all of their savings. There was no longer any credit for people to use. Credit, arguably, was the cause of this. Banks were loaning so much money to people all over the country. People used this money and never paid it back because of the crash. People quickly tried to withdraw all of the money in their bank accounts only to find it was not longer there. People rapidly became in major debt. This left the country devastated. It was the horrible for all the people involved. People were living on the streets. They had no food, no money, and no hope whatsoever. All of this could have been prevented if people had kept saving money and using money …show more content…
Not only for the individual American person, but also for the country as a whole. Debt did not just affect one person. It effecting the entire country in many different ways. When people go into debt, they do not have any money to spend to help the economy. Since they are not doing their fair share helping the economy, then that is when the economy starts to suffer and everyone in the country is impacted. This could be avoided by not using credit. On average, Eight out of every ten people are currently in some kind of debt. The majority of this debt is caused by using credit to buy things like homes, automobiles, and gambling. Using large amounts of credit can get way out of hand in a very short amount of time, affecting everyone and