It wouldnt collapse. It would slow down for a little while, then things would get better.
Functioning credit markets are essential for a complex society. They allow people to smooth consumption throughout their lifetime and they allow people to pool resources for large projects.
Societies that don’t have functioning credit markets are very poor.
reply
Maybe it should be limited. People with credit cards.....dont know finances well.
reply
Dumb people will find dumb ways to screw up their lives in any system. It’s not a good reason to adopt a less efficient system.
reply
Im saying maybe it should be harder to get credit. Instead of begging people to get credit cards and make dumb decisions.
reply
People are either adults who can make they’re own decisions or they’re dependents who need guardians.
Free societies are for adults.
reply
I just think it should be more difficult. Like earning a degree, it should be a learning process. Not a drinking one. lol
reply
Parents should definitely impart more financial sense to their kids. Maybe they used to, but the Boomers are atrocious at handling their finances and they seem to have passed that on.
reply
Yes, society has gotten lax with money. There needs to be a change. Maybe more education in the school system...I dont know.