Esteemed associate Joey Tamer astutely points out that debt is the catalyst for all financial woes – for individuals and the aggregate economy in the United States and globally.
To illustrate, she asserts the first credit card issued by Bank of America enticed baby boomers into using credit for immoderate purchases. We now know the card as Visa. She says financial institutions and governments created low interest rates to trigger spending in the 1980s. In about 2005, Ms. Tamer reminds us how the housing bubble began to swell as banks loaned money for marginally qualified home buyers.
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