One facet of Western Culture that permeates the most in our society is the need for instant gratification. What we can’t wait for, we want to have now. Fortunately, when we just gotta have what we just can’t afford, we can use money that just doesn’t exist – credit.
Credit is by no means a new concept. People have been surely handing out IOUs since the idea of “value” has existed. However, the idea of charging interest with credit is a more modern creation. Banks and credit card companies let consumers spend “money” with the idea that it’ll be paid back – with interest. This interest, coupled with financial irresponsibility, is what leads to crippling credit card debt. Continue reading