Debt Heads The House Always Wins (Part One)
Apr 22, 2025
Donna Halper, a former radio DJ and media studies professor at Emerson College, shares her journey of becoming an early female credit-card holder. She discusses the historical barriers women faced regarding credit until the 1974 Equal Credit Opportunity Act. The conversation explores the rise of consumer debt, particularly after the 1980s, and why credit cards symbolize adulthood for many young people. Halper also recounts her bold move to obtain an Amex Gold Card, asserting her identity in a male-dominated field.
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Debt Is A Recent Mass Phenomenon
- Before 1983, average Americans had virtually no non-mortgage consumer debt.
- Credit card debt became widespread rapidly after regulatory and market changes in the 1970s–80s.
Know Your Cards And Debt Type
- Identify all your cards, interest rates, and balances before making a repayment plan.
- Recognize credit card debt as "bad debt" and separate principal from long-run interest costs.
Adapt Repayment To Irregular Income
- Budget advice assumes steady income; freelancers should adapt plans for irregular cash flow.
- Build flexible repayment schedules that match inconsistent monthly earnings.