“In the shadow of debt” Since the crash of the American real estate market in 2008, the world has found itself in the worst economic situation since the Great Depression. Countless numbers of people have lost their jobs and are currently unemployed. Those who have not lost their jobs have been affected by the recession in one form or another, for example the store where they usually shop is closed. After reading the article “In the Shadow of Debt”, I learned that credit cards are one of the main causes of bankruptcy, you have to know how to adapt and never ignore your debts. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get an original essay After reading the article “In the Shadow of Debt”, I learned that the main causes of bankruptcy in this period of economic recession are credit. cards. Credit cards give the illusion that they aren't actually spending money, because all they do when making a purchase is swipe their card. There is no cash, but the consumer is required to pay their credit later. When consumers realize they are not paying with cash, they will continue to spend money on credit cards, but eventually they will have to pay down their credit, making them realize how much debt they are in. If someone doesn't have a credit card, they won't spend as much because they'll have to pay with cash, which is something tangible, and they won't want to spend as much. Credit cards create a mental image of not spending money, making them one of the leading causes of bankruptcy. The second problem that I learned from reading the article “In the Shadow of Debt” is that you have to know how to adapt to current situations. Since the start of the current economic recession, many consumers have changed their shopping habits, but many others still have to adapt to the current situation and buy less. For example, Jeffrey Marshall, mentioned in the article, spent the same amount even after losing his job, making his situation worse. In times of economic crisis, one must limit the amount of purchases made, especially if he is laid off, like Marshall, because this could make the situation worse. I learned to adapt to “In the Shadow of Debt” situations. I learned to never ignore your debts thanks to the article “In the Shadow of Debt”. As mentioned in the article, many consumers have debts far greater than their annual income. This is because consumers are not repaying their debts, causing the extraordinarily high interest rate to make the debt much larger. The longer a debt is held, the more it grows, and in times of economic recession, the further increase in debt can make or break many consumers. Forgiving debt will only lead to negative results. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay After reading the article “In the Shadow of Debt”, I learned that credit cards are a major cause of bankruptcy, you have to know how to adapt and never ignore your debts. First, credit cards make it seem like the person isn't spending the money, but then has to pay back the credit. Second, we must adapt to the current economic recession by purchasing fewer products than in the past. Third, ignoring your debts will only make the situation worse because the debts will continue to pile up. “In the Shadow of Debt” is a very informative article, and..