What would the world be like without credit?

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I often wonder how we would thrive without credit. If you think about how things were many, many years ago when people had to offer something to receive something, there was now way to escape paying for what you wanted. I believe it is when we started placing values on items that were higher than they really are, forcing people to need credit to get the things they need. For example, everyone needs a car to get around, but rarely will you ever see someone whip out their checkbook to pay for a car. When exactly did this happen and Why is the better question. The United States is currently billions of dollars in debt and why? because financial insitutions keep lending money when it really isn't there...and where do they get the money from? The government, who doesn't have it either...viscious circle, hey?