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A History of Credit and Consumerism

Dave Ramsey Chapter 1
by

Stephanie Embry

on 16 December 2014

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Transcript of A History of Credit and Consumerism

"The good life" starts to decline. Jobs were lost, medical expenses increased and credit card companies were waiting to pick up the slack.
Times were good. Jobs were plentiful and people were making lots of money.
Consumerism goes wild!
Debt Debt Everywhere!
A Brief History Lesson
It was not legal for banks to charge high interest rates so it was not profitable for the bank to loan money.
Prior to 1917
Manufacturing takes off and people want big ticket items.
After 1920
Where did people get money who needed it? Loan Sharks
Consumer credit became legal and more socially accepted.
The working class could now get loans.
Escaping the Great Depression
F.D. Roosevelt created the New Deal Policy
The New Deal promoted economic recovery by making it profitable for banks to loan money.
Mortgage Loans were created.
Economic Recovery!
WWII ended the Great Depression.

Lots of jobs and more personal income started leading to higher standards of living.
Borrowing became normal because no one was scared they would lose their job.
Income continued rising from 1945-1970!
People kept borrowing, but they no longer had the high paying jobs of their parents.
Banks were making so much money that they continued lending.
Full transcript