As the economy of the world continues to evolve, adjusting itself to the changing nature of the internet and all that it brings with it, billions of people from all around the world find themselves saddled with debt. This debt is a direct result of a consumer economy that saw massive fruition in the 1950s, when it first stabilized. The way things have changed with each passing decade since then, it is no wonder that so many people have found themselves deeply in need of bad credit loans to try and remedy their fiscal situation. The key here is that the times have changed faster than solid financial planning philosophies. The way things worked for one’s parents is no longer the way they work today. Gone are the days when loans, even large loans such as a mortgage, could expect to be paid down in a reasonable amount of time.
Wages have continued to fail the world’s workers, as well, creating a vast chasm between what the average person earns and what their costs of living are. Credit became freely available and people eventually got used to being able to bail themselves out if they paid down what they owed in the right order over time. This strategy is no longer effective when interest rates are hiked on credit cards immediately after getting a letter in the mail. This, combined with the fact that rental agencies and employers now grade a person’s viability as a renter or employee based on a credit report, has created a huge problem for those with significant debt.