Could America be a great nation without credit cards?
Some cultures around the world still today don’t even believe in buying homes on credit, they save up their money to buy land, then save up more to build their homes from the ground up until they have enough to finish their home.
But these places are mostly in 2nd and 3rd world countries. Here in the US credit open doors, speed up purchasing power and opportunities. Absolutely, but you have to respect it and use it intelligently, which is not the case for most people.
Could our national debt be insignificant if that was the case? Rather than paying $500Million per month just on interests to pay the debt to China.
Would the economy be stagnant without credit?
Most people are spending money they don’t have, buying things they don’t need. They don’t have cash and when they get behind they lose control of their debt. Having cash in the bank and no debt gives you a lot more control.
As for me I am debt free.