Buying on Credit:
Buying on credit was started in the 1920's. Nobody thought about the future during the economic boom of the 1920's. People used credit to buy all kinds of things they couldn't afford. One guy paid off his car debt by selling his oven, and then bought a new oven on credit.
Credit helped companies also. Production increased after people used credit, because people could buy more stuff. This increased production increased the business's profits, because they could sell and produce more goods.
Today, it seems like everyone is buying things on credit. Buying things on credit would is a great idea, but people just aren't responsible enough with their money to stay out of debt.
Sources:
http://www.museum.siu.edu/museum_classroom_grant/Museum_Explorers/school_pages/bourbonnais/page1.htm
Comments
Brief overall but good topic.