Is Credit Leading to the Downfall of Society

Lending credit in today’s society is fraught with danger. This is not least because of the amount of small debt that can spiral out of control. The problem with lending credit is that many people believe that the money lent is ‘free money’. This is especially so when it comes to credit cards – and even more so when it comes young adults borrowing money, who believe that they do not have to pay it back.

Credit card debt – no matter how small – can soon turn into an uncontrollable nightmare. The problem is, a vast majority of us all believe that we can spend more than we can afford. It is only when the credit card bill arrives on our doorstep that we suddenly realize the money that we have spent has to be paid back.

Panic sets in, and many people are genuinely shocked that they are actually issued with a bill. There is no such thing as ‘free money’, especially within society today. And no financial company worth their salt, is in business to give people a free ride, so-to-speak. Because of this, the mounting credit card debt will eventually play a part in the downfall of society.

One has to blame the financial institutions themselves who continued to lend to vulnerable people. This was despite the fact that those same people were already in debt – owning more than two credit cards. Because of this irresponsibility by banks, and other financial companies, people found themselves not being able to say ‘no’ when credit was offered.

There are now so many people who have been accepted for credit {either through credit cards, higher purchase, or buy now pay later schemes,} that the side effects of this ‘borrowing’ is chronic debt. Other side-effects, or the legacy of debt – are health problems. Worry, depression, stress, strokes, and heart attacks can all point to the over-riding factor of chronic debt.

With so many people laid off work, having suffered major heart attacks, because of the stress of debt, employment levels would inevitably take a nosedive. This, in turn, would have a devastating effect on the economy in the future, simply because of the amount of sick leave, or ultimately deaths, that would occur. This, again, will be due to stress and worry over chronic debt.

Credit lending will definitely lead to the downfall of society as we know it. This is because, despite all the problems surrounding debt, people continue to borrow more than they can afford. It is only afterwards, when the bills begin to arrive through our letterboxes, that many realize just how stupid and foolish they have been.

Right now the personal debt of millions of people can run into hundreds of thousands of dollars/pounds. This is a disaster in the making for the future of society as we know it. For the more people who cannot purchase from stores, because of chronic debt, the more countries themselves will face a financial crises.

Stores will close down, as there will be nobody shopping in them, and this will have a knock-on effect. A recession, of a kind that has never been seen before will begin to bite, and bite hard. Sports events, movie theatres, shopping malls, and the like would all have to close.  This is the legacy of credit, that it causes a ‘domino-effect’.  If no one spends money, because they simply cannot afford too, then the economy suffers.

Crime figures would go through the roof, as people fight to try and survive – and to literally stay alive – through whatever means it takes. House robberies, and the numbers of muggings,  will all have their legacy leading back to personal chronic debt, because of credit.  If the homelessness figures are a stain on society now, in the future, they will be impossible to count.. Many millions of those who are homeless would blame their tragic situation on chronic debt.  Every link leads to another, affects another, until the whole pack of cards comes tumbling down around us.

This alone will lead to the downfall of society as we know it. Within society today, people want more more more. The name of the game is greed, and be damned all those who happen to stand in our way. We want to show our neighbours that we can be just as good as them, when it comes to purchasing the latest gadgets, and everything is a competition with us.

Credit offers us the chance to ‘feel rich’. Many of us like the feeling of spending – especially spending money we do not have to pay back. Problem is…we do have to pay it back, and when that time comes then that can be a major shock to the system.