9 thoughts on “Late-Cycle: The Stressed-Out, Tapped-Out American Consumer Just Paid Off A Ton Of Credit-Card Debt”

  4. It is too bad that so many people bought into that credit card mess and amassed a shitload of debt that has to be paid down. Back in the day before the explosion of credit cards, people saved for big purchases. They did not spend beyond their means. They actually saved money and so had money for if the furnace broke down or the refrigerator stopped working. Now, everyone is encouraged to spend every dime they have and even money they don’t have just so long as they are buying things. Paying down credit card debt is a sad way to realize that credit purchases are not the way to go. The need for instant gratification leads to credit card debt.

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    • Too true, Shelby. I was raised to save for purchases and not spend money I don’t have. I blame a lot on our debt based money system. 98% of our money (this is everywhere – not just in the US) is created by private banks out of thin air when borrow money. Thus if everyone paid off their credit cards, there would be no money left to run the economy.

      I am dead serious about the link between people paying off their credit cards and the economy tanking. It’s high time we ban private banks from creating money and restore that function to government. We’re fighting for this type of reform in New Zealand.

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