Credit Cards: The Business of Enslaving Poor People.

Credit is gradually becoming a new type of contemporary slavery. Debt is growing more widespread as people become more eager to spend on consumer goods and lifestyle upgrades before earning money. Individuals obtaining credit cards in Borrowed money are used to pay for current spending and lifestyle choices like vacations, clothing, and evenings out on the town and depreciating assets such as vehicles and household appliances.

Many Americans should have been obliged to cut back on their lifestyle spending during the Great Recession since they were earning less money. Instead, however, many people have decided to support their lifestyle through debt instead of tightening their belts.

This debt frequently comes at an expensive cost in credit cards and home equity loans. Borrowing for educational reasons has sometimes become a victim of lifestyle excess. Additionally, more than half of all millennials (aged 18 to 37) have been living a life of servitude due to credit card debt in some way. Almost a quarter of those polled expect to die in debt.