Credit Cards the Mid-1990s Saw Term Paper

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As with many diseases, affluenza is contagious. Cultural conditioning through media and advertising promote an image of "the good life" that is associated with possessions. Instead of hard work and frugality, possessions such as fancy cars, McMansions and designer clothes were now the symbols of success.

It was therefore not enough to be wealthy, one had to flaunt it as well.

Meanwhile, those who did not have wealth could pretend that they did, by using their credit cards and falling deeper into debt.

Cultural critics therefore decry how such a materialism fueled by credit cards makes it impossible to live a life that is autonomous from such society-driven false concerns.

In summary, the availability of credit therefore social materialism, and object to how the American concept of "the good life" has come to be associated with consumer goods. The combination of easy credit and cultural taste therefore drives many Americans to live beyond their means.

Economic effects

Consumerism, however, cannot fully-explain why a wide cross-section of society falls into debt. In their book The Fragile Middle Class, Teresa Sullivan et al. examine this phenomenon and go beyond the issue of consumerism. For Sullivan et al., living beyond one's means is often an economic reality, given the difficulty of making ends meet. The authors argue that most people are forced to incur debt not to pay for fancy cars of a bacchanalian lifestyle. Instead, people start to "live beyond their means" after a period of great difficulty, such as a divorce, an illness or the loss of a job.

Sullivan et al. therefore challenge American society to go beyond the individual blame game.

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It may be convenient to lay the blame on irresponsible individuals, but this diverts the issue from the real social problems that make it difficult for Americans to provide for their families.

The fact that majority of bankruptcies are declared by those who are "self-employed" unfortunately shows that the structures of American economy favor corporate and big business. People who strive to strike out on their own, in the great tradition of the entrepreneurial spirit, face a much harder road.

The ill effects of ready credit have thus been illustrated in the staggering rise of consumer debt. Many analysts therefore believe that given these figures, a credit card-fueled economy is getting untenable. Indeed, the pendulum seems to have swung the other way. Many consumers seem to be listening, as forecasters predict a greater use of cash and debit cards. To counter the trend, lending companies are now issuing a bevy of rewards programs in order to entice consumers to spend more credit.

In conclusion, a combination of consumerism, economic need and the easy availability of credit have contributed to the revolving debt figures in this country. Much of that debt is being shouldered by low-income groups. Traditionally, lending companies have profited due to this arrangement. However, as more people become knowledgeable about credit and are turning to debit cards and cash, creditors will have to devise new ways to encourage credit spending.

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