Could we live without credit cards? Maybe we should.

We all know that during this most recent “housing boom” a lot of people got mortgages they couldn’t afford. How dastardly that that was allowed to happen. Was it the first time people got credit they couldn’t afford? I don’t think so.

I think when the idea of issuing credit cards was created, that was another time when people began to run up debts they couldn’t afford. I think that’s when “stuff” became too easy to buy. Trouble is, it continues and people continue to see debt as just a fact of life.

Suppose there were no credit cards, could places like Wal-Mart stay in business? I’m just curious about that. I don’t know.

This holiday season with gas prices going up and up, with many families paying mortgage payments they really can’t afford, will they cut back on spending or will they just add to their debt by swiping that card into the machine?