that's swell, but a little beside the point.
creditors are currently deliberately extending lines of credit to folks who are still wet behind the ears, don't know squat about resource management, have no idea what they are going to do for a career, etc... in order to hook them into revolving debt on a high APR.
I was one such hapless moron, and it has taken years of busting my hump to claw my way out of debt. There are many who are not so brutal as I am. This is why "debt consolidation" is now a huge business (and, often enough, a fraudulent business itself).
This crap needs to STOP.
If it were to stop, yes: the consumerism base of our economy would take a massive hit. GOOD. Because the CAPITALIST base would surge back into primacy - where it ought to be.
Hmm. What is the difference between the "consumerism" base of our economy and the "capitalist" base?