Do Credit Problems Lead to Bankruptcy? The reasons we as Americans buy on credit varies, but without it most of us would probably never be able to purchase necessities such as a home or automobile. The nation's economy depends on credit; the promise to pay later for goods and services used today. But along with consumer credit comes consumer debt. With the rise in telemarketing and commercializing in America it is no wonder why Americans …showed first 75 words of 808 total…

…showed last 75 words of 808 total…services because they need them and do not want to wait. Rather than saving they go into debt, the most common of which is installment debt. Bibliography Bibliography Kapoor, Jack, Personal Finance: Fifth Edition, Boston, MA; Irwin McGraw-Hill, 1999. "Major Growing Pains" U.S. News and World Report (Oct. 21, 1996) Pg. 62-643. Lee, Susan. Susan Lee's ABZ's of Economics New York; Poseidon Press, 1997 "What's the Rate? They Won't Say." U.S. News and World Report (Aug. 19, 1996) pg.614.