re: #173 Justanotherhuman

Yes. Good work there. I’m old. I was thinking more in terms of the cheaper interest rates before Reagan, when credit wasn’t some form of indentured servitude, but helped people who needed long term loans for things like autos and homes. Once credit cards started gaining favor in order to purchase perishable goods, like lunch and clothing, which really wasn’t so widespread before the 1990s, I knew there was trouble ahead. It was the same period of time in which credit card companies started sending out unsolicited credit cards as well. It took advantage of people’s desires, their hope for something better, even their greed.

Some people are still paying off that Coke and honey bun they bought at the 7-11 almost 10 yrs ago, I’d bet. Or at least xmas.

Easy credit was a boon to the banks and the credit card companies (and collection agencies), but a nightmare for consumers. People got real used to buying stuff they couldn’t afford. In time, that business model was extended to mortgages. And we know how that turned out.

I can remember when banks paid something like 5.5% interest on savings accounts. That ended in 1980, too.

Thanks, Reagan.