Well, the economy has collapsed because everyone is in debt and can’t afford to pay their mortgages and credit cards because in our fractional reserve banking system all money used to pay off interest is created with more interest so we make more money to pay off that interest but then there’s even more interest on that money… it seems like we could never get out of debt… unless… we could charge 80% interest. That would make everything better! Of course!
http://www.usatoday.com/money/perfi/credit/2009-12-17-subprime-credit-card-apr_N.htm
Survival of the fittest at play in the monetary system. Social Darwinism is a good thing. If someone is foolish enough to borrow at such interest rates, let them. No one is forcing them, it is their choice. Trying to coddle these fools to their grave only hurts those of us who are responsible.
The fact is that materialism is at fault. People are in debt because they are trying to keep up with the Jones. They have to put on a big image. New clothes, BMW, plasma TV, 95% of the debt out there is unnecessary. I am not going to shed one tear for those who can’t handle a bit of delayed gratification.