US is driven by consumption. You can only fuel that if you spend. In this case, many consumers spend more than they have. There is also messaging that equates credit to power, so people feel powerful when they can spend. This is a very dangerous trap that many consumers fall into.

In the United States, when applying for credit cards, proof of income is on an honor system. You can make $15k a year and write on your application that you make $150k a year. They don't check that value other than to have their computer systems figure out risk and you get a yes or no. It was traditionally easy to attain credit, but that got tightened in 2008/2009 with the housing crisis. This is starting to change again and credit is flowing much more easily.

The United States government has a huge debt. It sets a precedent that if the government can function in a huge debt, American families can too. US is driven by consumption. You can only fuel that if you spend. In this case, many consumers spend more than they have. There is also messaging that equates credit to power, so people feel powerful when they can spend. This is a very dangerous trap that many consumers fall into.

US is driven by consumption. You can only fuel that if you spend. In this case, many consumers spend more than they have. There is also messaging that equates credit to power, so people feel powerful when they can spend. This is a very dangerous trap that many consumers fall into.