KravtZDebt is a great thing. Your right...if used correctly. Lots of form of debt you can buy from a bank loan to unsubordinated loans to all sorts of bonds to bond derivatives, etc.
Your response is a classic uniformed generalized moronic statement. America doesn't run on people being completely in debt. Americans have just created a culture that revolves around them wanting to have the latest and greatest of whatever that might be and doing whatever it takes to get it. All about perception...the classic credit card millionare who actually spends all of their money to keep an appearance.
There are just some companies out there who can take advantage of these people and make a lot of money off of them...and they should be able to. Its a free market. If someone is stupid enough to get a payday loan or willingly put a retarded amount on a credit card knowing its 15+ percent interest than thats their own problem...no one elses.
And for those who asked...I work in banking.
It's not uninformed or moronic, nor is it generalized... I'm speaking directly ABOUT the culture. You said it yourself, plenty of companies are out there to take advantage of people who are lead to believe they're not going to end up on foodstamps in a few months trying to pay off shit. Payday loans are a gross example of this. Yeah, it's stupid to go ahead with a payday loan, but isn't it also ridiculous that we allow our citizens to get into so much debt because "omg free market is the best" that we then have to resort to putting them on welfare - which we then try to take away because "omg get a real job, druggie".
Either way, the amount of people who work for credit and finance companies would shrink vastly if everyone was financially educated enough, or even in a financial position so as to not fall for credit traps. Where would they all work instead?
That's what I'm saying when I say "america runs on debt". You need credit companies to be able to afford goods when you make just 26 grand a year - which is the median income for Americans - and that's not exactly a lot of cashflow. That's like what, 13$ an hour? . Retail and service industries need credit companies to give people enough credit so they can pay for their goods and services... otherwise people can't pay for even the basic stuff, and the retail, shipping, service, tourism, entertainment, and any other industry out there where people have to swipe a card all falls down, people can't get jobs, and our economy goes to shit under our current economic establishment. Just look at what happened during the credit crunch late last decade... when people couldn't get credit anymore, or felt they would get absolutely horsefucked if they put anything down on credit, jobs everywhere were lost, in every industry, simply because people couldn't, or didn't pay for things.
Additionally, America itself is in how much financial debt? it LITERALLY by NATURE runs while being in insurmountable debt.