Why Pay Today When You Can Pay Tomorrow

People tended to confuse their wants with their needs.  People thought they had to have a ll the luxuries presented to them through advertisement.  Most people did not actually have the money they needed to get all these things, so they used the twenties invention of the credit card.  It almost seemed as if they did not care about having debts because of the low interst rates at the time.

People felt more free because they were able to purchase more goods han ever before. This also helped out the economy.  We Americans still continue to use credit cards today.  People tend to forget that they will have to pay for the item eventually.

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5 Responses to Why Pay Today When You Can Pay Tomorrow

  1. Avatar of debbie.chu debbie.chu says:

    Consumer freedom still continues today, in which people buy on credit either hoping or knowing that they will pay it off later on. People are being more cautious on what they buy because of the economic downfall we are in presently. It wasn’t like in the 1950′s where many were living in prosperous lives, able to use the credit care carelessly because they know they would be able to pay it off later. Consumer freedom today is the same today because you could buy whatever you want with a credit card, but we are more cautious in what we buy than the people in the 1950s where they recklessly bought anything.

  2. Avatar of Lisa Yin Lisa Yin says:

    Compared to the American society in the present day, consumer freedom is still happening. Many Americans today depend on credit and debit today in the 20th century. In the 50′s credit cards were still at its beginning but it was making its way to the top. Many aspects of credit have changed. There are higher APR rates along with interests. Because of the hidden charges that many credit card companies charge, many Americans are in debt.

  3. The credit card is just as powerful now as it was back in the 50′s. People rely on credit cards to pay for just about everything nowadays, but as Debbie pointed out, we are more careful because we are well-versed on the dangers of credit card debt. People in the 50′s tended to be a little careless and that eventually bit them in the rear end.

  4. As the credit card continued grow in popularity, people began buying more and more until it came to the point that they had so much debt that they couldn’t pay it all off. This is what led us to the economic crisis that we have today; leading us into the recent recession, people bought houses that they couldn’t afford, took out loans from the bank and then was unable to afford to pay their mortgate. Although this isn’t directly related to credit cards, mortgages and loans were an extention of the idea of a credit card in order to give you money to buy major items. Moreover, people today spend way too much money using their credit cards on luxury items and things that they cannot really afford. By the time they are done paying for the item, they pay so much interest that they may even be paying close to double or triple of what the item is really worth. Therefore, consumer debt has worsened and increasingly grown since the 1950s.

  5. Avatar of aodi aodi says:

    People have relied on the credit card since it’s invention for luxuries they couldn’t afford. Like you said it was easier in the 1950s because the interest rates were extremely low. But this mentally seems to still persists today. Even though interests rates aren’t as low as they used to be, people still buy what they can’t afford. Even though this was not an issue in the past, it has grown to be one of America’s biggest problems today.

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