The average American has amount $9,000 worth of credit card debt. In our country there seems to be some sort addiction to debt and credit cards and this is for several reasons. Some of which include, living in a culture that doesn’t value savings or being patient. It is also one that is inundated with advertisements to spend money that you don’t have. You don’t have to of go very far or watch TV for very long before you see an advertisement that is a promising you some type of product or service and not requiring you to pay for it until later
It has been reported that over one quarter of all purchases made in the United States are made with credit. We live in a society that values credit and encourages individuals to spend money that we don’t have. It is no longer an issue of whether or not something is affordable, but whether or not the monthly payments are low enough. This was not always the case. Just 50 years ago, most people didn’t have much debt and saving money until you had enough to make a particular purchase was the norm.
Today, our society is one that could best be described as a fast food culture. We are able to get what we want when we want it, including fast meals. This has carried over to how we view money. Patience is no longer a virtue when it comes to financial matters. We think that if we want it we should get it today. It doesn’t matter if we have the money for it, because we can always get it on credit.
However, this mindset has led to the financial collapse of many individuals personally, and even as a society. More and more people are going through foreclosure and filing for bankruptcy because they have been dependent upon credit and debt. While all individuals enjoy the benefits of being able to make purchases that they can not afford, eventually they will have to pay up and often times individuals just get over their heads and are not able to pay back what they owe.
Americans are so dependent upon credit cards and debt because we live in a culture that encourages people to get what they want, when they want it and not to save up for it. The virtue of patience has been lost. We want what we want now. However, it does have consequences. At some point you have to pay up and many people, when that time comes, aren’t prepared to do so.