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The notion of buy now and pay later has been the general consensus of American consumers for decades. Interest rates have been the main problem as American consumers have nearly accumulated nearly $11 trillion in debt. The introduction of the credit card has made it ever so easy for Americans to buy and buy as outstanding balances on credit cards have risen to more than $800 billion. With the savings rate nearing all-time lows, most consumers don't have reserves, and so their vulnerable. For most of us, it's tough to imagine life without credit cards as we reserve movie tickets, rental cars and hotel rooms, and we pay tuition, and buy our food all with credit cards. You name an expense and we'll pay it by credit card if we can. Almost all Americans use credit cards even if it’s to defer payments on other bills.
The American dream of owning a home also cannot be possible without having an established credit line. Without having established credit there will be no way a potential......

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Approximate Word Count: 1116
Approximate Pages: 5 (250 words per double-spaced page)

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