So basically this past week has been focus on the study of the history and purpose of credit cards in my Economic Geography. The one thing I have to say, before getting into the meat of the topic.. is that I have yet to see the Geography part of the class.. it's basically just a really slow economics class.. and that's kinda lame.
Credit cards were made basically because the American lifestyle was un-achievable without the ability to spend money we don't have. It all began around the 1970s when working wages stopped increasing and became stagnant. Wages stopped rising and the worker's productivity (because of technology) increased exponentially. So what happened with the productivity went up and the bosses didn't have to pay their workers any more? A ridiculous profit margin for the the business sector.
Workers were creating such great products and in order to buy them needed credit. Buy now pay later. It's dangerous, as most of us have heard, because credit card companies like to screw us over with ridiculous interest rates and fees that do what...? Make profit for the credit card companies. Our country has over 3.4 trillion dollars of credit card debt. That's a lot.
What do people do to avoid using credit cards?
Many people use debit cards.. but how good are they really? I mean, they're pretty handy. I use one. But they have built in fees and charges that end up making a profit for the bank and cost us money.
Money Money Money is ridiculous.
If I've taken anything away from the class... avoid opening any credit cards and be knowledgeable about any hidden fees on debit or credit cards...
also.. money sucks.
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