Right on. It started out that credit cards were a convenience and
have one was minimal to owners and retailers with a flat 1-3% fee of purchase.
The baby boomers were raised without credit or debit cards but it didn't
take long in the 1960's during holidays (XMAS) they found "charge
it" deceived their children about prosperity. It wasn't long they had
more charges than they could pay off and ended up with excessive debts. Debt was
on the rise, incomes were $50,000-$80,000, cars $3500.00, gas $1.30/gal for a
working man plus the optional incomes of wives who wanted to work. COLA replaced
raises as business deserted to Mexico, Asia, China, etc.The children
of baby boomers thought the card was the source of "their" prosperity
getting all the toys they wanted. The Baby Boomers had a sense of control of
debt and was reasonable.Fast forward 20 years, children come of age
and didn't get taught that debt was not the source of prosperity. Banks
jumped into the schools and spread their lies in unbelievable disregard to
economic dangers of debts. Debt became misapplied and now our children and grand
children and government have been baited by lies.