This ‘dangerous debt syndrome’, and particularly within American teenagers, will surely have a terribly adverse effect on the socio-economic profile of tomorrow’s America.
According to a recent survey conducted by the Charles Schwab Foundation, American kids spend over $172 billion a year, which is almost equivalent to the GDP of a Finland or a Greece! The expenditure has roughly doubled every decade, increasing to thrice the value in the 1990s. Worse, as a part of the ‘new plastic hazard’, an increasing number of teenagers are using credit cards, and in the process accumulating heavy debts. Exhibiting the culture of instant gratification and ‘Just Do It’ syndrome, even the overall $1 trillion purchases of the American society through credit cards reflect not only encashment of future for the present, but also the fact that today, the society itself is vastly imploding.For complete IIPM article click here
Source:- IIPM Editorial, 2006
Editor:- Prof. Arindam Chaudhuri
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