Tess Vigeland:….Today we’re starting with the question of why and how we became this nation of borrowers and exactly when debt lost its social stigma.<\/p>\n
Dave Ramsey: It’s roots are in the 70s, when debt became a product that was marketed by some of the most masterful marketing minds that the planet has ever known. The selling of debt as an absolute necessity to live, is really one of the most masterful marketing jobs in the history of the world. We live in the most marketed culture in the world and the most money and the most sophistication used to sell any product, is used by the banking industry.<\/p>\n
The credit card people have done a phenomenal job of integrating their product line into our psyche to where we truly believe that we can’t live without it. That’s amazing marketing. THat began in the 70s. It took deep roots in the 80s and by the 90s we were seeing five and six billion credit card offers a year going out to where, dead people and dogs were issued on a regular basis.<\/p>\n