Consume or Not to Consume

Consume or not To Consume?
                                          Why some people should not have credit cards.
                                                                  Danneel V. Mitchell
” America’s credit card debt has reached close to $900 billion dollars and has increased at an
Average annual rate of almost nine percent over the past ten years” Assistant Professor of Economics
and Finance, Monmouth University, West Long Branch, NJ 07764-1898 Journal of Economic Issues (Association for Evolutionary Economics); Jun2007, Vol. 41 Issue 2, p567-574, 8p
With these staggering numbers and very little relief in sight, this would be the time to say,
Some people do not need credit cards.
This has become a serious problem for Americans.   The average family has on average six to eight credit
cards in a household. Having this much credit can be a bit overwhelming, especially for someone who is
not mentally and financially ready for such a huge responsibility. Depending on your salary and credit
score, the interest on a card could be anywhere from six to24%. A reason most consumers get into debt
is that they are trying to keep up with friends and neighbors   and possibly to impress others.   What is meant by this is that, when someone you know has purchased a 42 in. screen television and you in turn
decide to purchase one, maybe larger. In most cases, you are not thinking of the cost and the interest
you will pay for the purchase. At this time you are aware that you are purchasing more than you can
afford. It is the American dream to own a home, a nice car and all the comforts of having a comfortable
life, but at what cost? “Only in New York would $70 for a haircut be considered a bargain” (excerpt from
Save Karyn One Shopaholics Journey to Debt and Back 2007) some people should not have credit cards!
Now, one would think that this is a ludicrous amount to pay and some would not.   If you are part of the
latter, then I am talking to...