Consumer debt crunch and division by two

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Mon Jun 8 16:13:09 PDT 1998


Rakesh Bhandari wrote:


> With our culture of minimal math skills, many of us took on more
> and more consumer debt, even as the interest rate rose from 7 to
> 15% and beyond. Now in order to hold back the powers of compound
> interest, workers are finding themselves in no position to look
> for better jobs, to fight cuts or intensifications.

I think that while you'll see some of this, you'll probably see an equal amount of people who have used easy access to credit as a means of jumpstarting small businesses. Getting a business loan is still incredibly difficult, but capitalizing a small business with personal credit cards is easy (and deductible!).

/jordan



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