Question:
What would happen if everyone stopped getting in debt and paid off all their credit cards; if people saved for everything and only spent what they earned?
Savings :
Savings is the part of the income that people set aside after covering the cost on consumer expenditure. Savings are made in various forms like bank deposits, cash holdings and security purchases. The rate at which people save is affected by their preference for future consumption over present consumption preferences, future income expectations and rate of interest.
Answer and Explanation:1
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If everyone stopped getting in debt and paid off all their credit cards, saved for everything and spent what they earned this will increase the...
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