The 90’s the Decade of Credit Card Debt
The decade of the 90s will always be remembered as one of the best decades ever in history. Music, fashion, sports, and technology moved up a notch during these years. Most of the people of today’s generation have experienced the 90s and all that it had to offer. But for those who rarely noticed, this decade was also the height of credit card debt. In the United States, credit card debt almost tripled from the year 1989 up to 2001. It started out from $238 billion up to a whopping $692 billion. There was a noticeable decline on the savings rate and there was a magnanimous increase of 125 percent of bankruptcy filing by people. Such was the difference that the 90s brought, that it has made a full head-on impact on families back then until today.
The impact of credit card debt is dismissed frequently as the effect of careless consumption. But the 90s proved to be an examination of wide economic and structural trends. The 90s displayed that most of the American population utilized credit card as means to fill a widening gap among household income and household costs. Families can’t blame themselves, the lure of the use of credit card has engulfed them to depend on it in most instances. On the negative side, many credit card companies have taken advantage of this increase in credit card usage. These companies have increased their rates and fees which leave many families indebted to industry of credit cards.
The decade of the 90s propelled the difficulty to surmount credit card debt. With the improvement of technology and other advances, credit card use became a faster option for people. Though its effects are fast, the debt it leaves behind remains long and difficult to overcome. The 90s became a very memorable decade for this generation, but when talking about credit card debt, probably it’s one of the least memorable.
