From NPR.
This is hidden brain.
I'm Shankar Vedantam.
We all love to buy stuff.
The best part is we don't even have to pay for anything immediately.
Get lucky and own a new motorcycle for no money down, no interest for 90 days.
No payments for 120 days.
Celebrate the 4 July with Colfax and pay no interest for 60 months.
That's hard, too.
So I use my freedom unlimited card.
Even when I'm spending, I'm earning 1.5% cash back on everything I buy.
It's like free money.
Policymakers even tell us that a healthy economy is built on spending.
So getting that second credit card is not just good for us, but good for everyone.
But there's a catch in a downturn when people lose their jobs.
What are the consequences of all the debt we've taken on?
Is borrowing our way out of every crisis really sustainable?
Ultimately, it has to be that we tackle the more fundamental issue, which is, why is there so much debt?
Why are people borrowing well beyond their means?
This week on hidden brain, the hidden manipulator behind our debt binge, and how to make a system that works better for everyone.