Over the past several decades, the U.S. economy has become increasingly reliant on debt. The vast majority of people take out a mortgage when they purchase a home, the vast majority of people require a big loan in order to buy a vehicle, and the number of Americans who use credit cards to make purchases at retail stores has skyrocketed over the years. It has gotten to the point where credit is the life blood of the U.S. economic system. Unless your business is a convenience store or a fast food joint, being able to accept credit cards or arrange credit for your customers is absolutely crucial. In fact, the economic boom that the United States has experienced over the last 30 years has been largely due to a rapidly expanding pool of credit. Americans have gone deeper and deeper in debt with each passing year as they pursue the American Dream. But now that so many lending institutions have substantially tightened their lending standards and now that so many Americans have such low credit scores, how is the U.S. economy going to function? (Read More...)