America’s credit-based economy can do wonders for it’s citizens. It’s intended use is to help, not hurt. However, when used irresponsibly, it can go very wrong. When credit is used and the debt is not repaid in time, the economy suffers since the economy is run in expectations that things like debt won’t get out of hand  When debt gets out of hand, the economy is thrown off course.
Debt effects us all, whether you pay your debt off or not; there will always be those who don’t and they impact not just the economy but the consumers. When debt is not paid on time, prices rise such as the cost to borrow, or the cost of gods. Credit becomes harder to access and this is all due to default loans.
Not only do consumers suffer from defaulted loans but so does the whole debt collection industry. Because so many people fail to pay debt ad therefore, end up hating the debt collection agency, the profession is represented negatively. Some examples of this negative portrayal are laws that are passed in order to help families, but the good intentions are not focussed on or accepted. Another example is a bill that addresses notifications of lawsuits, which is good. However, what’s focused on is only the mention of debt in the bill which gives the debt collection industry yet another bad view.
Credit is here to help us and so is the debt collection industry. However, because privileges like credit have been abused, America’s consumers and agencies are having to suffer due to irresponsibility.

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