Hooked on credit

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Peninsula readers' letters: July
From Daily News Group readers Posted: 07/22/2011 05:00:13 PM
PDTUpdated: 07/22/2011 10:18:29 PM PDT
Hooked on credit
Dear Editor: The root of the problem is the same as it has been for centuries -- credit. It leads to debt, which spirals into ever greater debt. Then those who are lenders gamble that they can make even more money by devising new and more lucrative ways for people to go more deeply into debt, while the people themselves gamble on what they consider a sure thing, just what they need to pay off their debts, or set themselves up for retirement, or finance their lifestyles, etc.
Credit has become the drug of choice of the modern world, far more widespread than any other. Individuals, companies and governments must have their fix of it, for they are addicted to it, and the withdrawal symptoms are too painful to endure. Life without credit means no future debt is possible, and often their present debt is so large and overwhelming that they cannot go on without another credit fix.
Ted Rudow III, MA
Palo Alto