If everyone who made < $75,000 last year stopped using credit cards for 12 months, would the economy collapse?

Question

If everyone who made < $75,000 last year stopped using credit cards for 12 months, would the economy collapse?

Answer 1

If everyone stopped working for the next 12 months, will the economy collapse?

Answer 2

It would sure as heck rock the foundations of our economy.

Which would throw a terrific scare into all those rich

SOBS who are relying on us to charge everything so they can continue to buy themselves. Our economy has become so consumer based it is unreal.  We all have to buy the latest

&#039;stuff&#039; and we never think to pay for it we just charge it. The only thing that is keeping the economy going is the credit cards. What would really destroy the economy is if the credit card companies cancelled everyone&#039;s card and we all had to  pay cash for things.

Answer 3

No it wouldn&#039;t, but there would be a lot more people living within their means and not buying everything they think they must have on credit, although there&#039;s little chance of them paying it back.

If they only realized how much happier and less stressed they would be, they might want to try living without credit cards.