Elizabeth Warren's Essay The Debt Debate

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Can I live without it? Do I really need it? These are the questions people should ask them self when thinking about charging something to their credit cards. I sometimes ask myself these questions when buy an expensive item but never when charging it to a credit card since I’ve just got one and lucky so far I haven’t had to use it. Many people see a credit card as a way of getting things they want but don’t have the money for instead of seeing it as a way for emergencies and because of this people get themselves into debt. In the passage “The Debt Debate” the author argues about how middle class American struggles with debt caused by using credit card to be able to make ends meet. Which is hard to do for people, due to inflation. The author…show more content…
The first example is the Pickett family. The author explains how hard they try to make ends meet and how they faced money problems and they saw their credit cards as a way to buy the daily necessities and pay bills, but no matter how hard they try their debt just increased. According to Elizabeth Warren “families in financial trouble are working hard, playing by the rules- and the game is stacked against them.” No matter how hard families in financial trouble try to get out of debt they simply can’t because banks and financial institution have it set up so that it make it nearly impossible for them to get out of debt. The longer they stay in debt the more money banks and financial institutions make. That why banks make it so hard to get out of debt, because the longer they stay in debt the more money they make. They are able to do this because there is no limitations on how much interest rates banks and financial institution can charge. They will be able to keep families and other people in debt for as long as they want. They can having people owe them money for the rest of their lives and even after they

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