Have you ever heard this argument before?
If everyone action phrase , then horrible outcome ! Therefore we shouldn’t advise that people action phrase .
But if everyone quit spending on credit, our economy would collapse, because no one would buy anything!
There is an implicit statement that, an action that would be beneficial if only a few people did it, but would be harmful if everyone did it, should not be done, because everyone might do it. Well, do not fret. It’s pretty unlikely that everyone will simultaneously quit buying on credit when credit is both plentiful and cheap.*
So, the next time you hear that “people shouldn’t spend less, because it will hurt the economy,” spend less with a clear conscience. The economy won’t notice, but you’ll see the benefits.
* Alright, maybe not as plentiful as it was, but seriously, it’s still pretty plentiful.