I do not have a credit card myself... my grandmother died with an obscene amount of credit card debt and I am worried that I would do the same thing... but the implications of getting rid of them entirely are pretty far reaching.

There was a time when most consumers didn’t have easy access to credit, and that slowed economic growth. Imagine how it would be if your washing machine broke and you didn’t have enough savings to immediately replace it, even though your monthly salary can easily afford it when spread over several months. You would simply have to do without.

Now apply that on a larger scale. You would be in a situation where trivial, everyday things like you car breaking down or even a nice dinner for your anniversary would become a serious issue.

So save money, you would probably say. Unfortunately the more people are saving money, the less people are spending it. The less people are spending, the less money business are making and then before too long, you’re in a recession.

Activity is so, so important to the economy, and credit cards facilitate activity. That is why they are good.

But sure, some people are not able to handle them and should proceed with care. Education and good habits, as well as making the credit providers (evebtually) responsible for the debt is probably the answer. That way they are less incentivised to give people money who can’t possibly pay it back.

At 55 years of age, I have not had a credit card in 20 years.

The only debt I have is my mortgage.

Well, if the majority of citizen had the ability to unionize, if they were paid a decent wage not influenced by rich lobbyist and illegal workers, and if the government wasn't taxing the shit out of everything and anything we do...there might not be a need for credit (at least not for the majority of people and most purchases). Homes and large investments, sure - but paying cash for most new and almost all used cars should be doable by the majority of Americans.

I would agree that these government education camps are failing our students, not only in math, science, reading, comprehension, critical thinking, but also in preparing them for adulthood (balance a checkbook, make a budget, read a contract, understand personal finances).

A lack of responsibility is not solved by shuffling responsibility to a central planner, ala government. Most of the best choices in life require a dynamic approach and you are correct in that education and attempting to spread influence of good credit practices are the better yet more challenging approach.

You got it, less government regulation equals more individual liberty.