I don't think "credit" ruined the country.
Wanting to live above your means using the offered "credit" ruined the country and not only the US. Started in the 1980ies when personal loans were offered for "vacations" etc.
Trusting advice of people living off commissions ruined the country.
Do you think your realtor is working in your "interest"? Do you think your financial advicer is working in your interest?
Do you think the contractor building your home is working in your interest?
The commission people will try to sell you the most expensive things to maximize their commission.
The contractor will try to cut the most corners possible to maximize his profit on a fixed price contract. At cost + 10% this incentive is lowered, but only if there is no maximum price agreed to.
People need to understand contracts before they sign their money away.....
Trust ends when $ are involved.
I don't think "credit" ruined the country. Wanting to live above your means using the offered "credit" ruined the country and not only the US. Started in the 1980ies when personal loans were offered for "vacations" etc. Trusting advice of people living off commissions ruined the country. Do you think your realtor is working in your "interest"? Do you think your financial advicer is working in your interest? Do you think the contractor building your home is working in your interest? The commission people will try to sell you the most expensive things to maximize their commission. The contractor will try to cut the most corners possible to maximize his profit on a fixed price contract. At cost + 10% this incentive is lowered, but only if there is no maximum price agreed to. People need to understand contracts before they sign their money away..... Trust ends when $ are involved.