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Since the crash of the US housing market in 2008, the world has been at its worse economic state since the Great Depression. Countless numbers of people lost their jobs, and are currently unemployed. The ones who have not lost their jobs have been hit by the recession in one form or another, such as the store they usually buy their supplies from is closed. After reading the article “In the Shadow of Debt”, I have learned that credit cards are a leading cause of bankruptcy, to be able to adapt, and to never ignore one’s debts.
After reading the article “In the Shadow of Debt”, I have learned that major causes of bankruptcy in this time of economic recession are credit cards. Credit cards give one the illusion that they are not actually spending money, because all they do during a purchase is swipe their card. No cash is involved, but the consumer is required to pay their credit later on. When consumers see that they are not paying cash, they will continue to spend money via credit card, but eventually they will be required to pay their credit, which is when they realize how much they are in debt. If one does not have a credit card, he/she would not spend as much because they will have to pay with cash, which is something tangible, and they will not want to spend as much. Credit cards create a mental image that one is not spending money, which makes it a leading cause for bankruptcy.
The second issue I have learned from reading the article “In the Shadow of Debt” is that one must be able to adapt to current situations. Since the beginning of the current economic recession, many consumers have changed their shopping habits, but many others still need to adapt to the current situation, and buy less. For example, Jeffrey Marshall, who was mentioned in the article, spent the same amount of money even after he lost his job, which makes his situation worse. During times of economic downfall, one must limit the amount of purchases made, especially if he/she is laid off, such as Marshall, or it could make the situation much worse than it is. I have learned to adapt to situations from “In the Shadow of Debt”.
I have learned to never ignore one’s debts from the article “In the Shadow of Debt”. As mentioned in the article, numerous consumers have debts much more than their yearly income. This is a result of the consumers not paying off their debts, which the extraordinarily high interest rate then causes the debt to become much greater. The longer a debt is held off, the greater it becomes, and during times of economic recession, the extra increase in the debt can make or break many consumers. Leaving off a debt will only result in negative outcomes.
After reading the article “In the Shadow of Debt”, I have learned that credit cards are a leading cause of bankruptcy, to be able to adapt, and to never ignore one’s debts. First, credit cards give the impression that one is not spending any money, but he/she is required to pay off the credit afterwards. Second, one must adapt to the current economic recession by purchasing less products than he/she did in the past. Third, ignoring one’s debts would just make the situation worse, as the debts will keep building. “In the Shadow of Debt” is a very informative article, and many consumers can learn many issues regarding the current economic situation.
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