The craziness of easy credit

Easy credit has become a way of life in America! “Instant gratification” is king! How did we get this way?

As a kid growing up in the Depression years, it was considered something to be ashamed of to purchase things “on time” – as we used to call it. Oh sure, we had mortgages on our homes and farms, and we took out “Chattel Mortgages” for the new car in the barn. But that was basically it.

If we needed a new bedroom suite, or a radio, we waited ’til we’d saved up enough in the old sock, and then bought it for cash. That was the ethic for most working class families. Buying furniture, clothing,...