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The Role of Debt in American Society
Debt and credit, considered negative terms today, were common and essential in American society, particularly between 1958 and 1990. Americans historically borrowed money to purchase goods from various sources like banks, credit unions, department stores, and even loan sharks. The growth of consumer credit was significant, with each year seeing higher debt levels than the previous one. The credit card industry was seen as instrumental in building the country, driven not by bleak circumstances but by optimism for a brighter future, as people believed in a better tomorrow.
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