We’re in the middle of an ongoing social and economic crisis according to Robert D. Manning, author of “Credit Card Nation”. And with supporting evidence like his figures of every credit cardholder having 10 cards in their name and every family revolving over $4,000 in debt (the number now is over $7,000), it’s easy to see why he feels like it is a crisis. In this fascinating book, Manning describes the situation thoroughly, shows who’s at fault, and what we should expect as a result of the situation.

Manning separates the country into two categories of credit card users, the convenience sector, who pay their debt off monthly, and the revolver sector, who have accumulated all the personal debt this country maintains. He focuses on the revolvers and the dire straits they’re in due to the interest they pay on their debt. The author does mention some bright spots in the history of debt (e.g. ‘The Blair Witch Project’, which was financed on credit cards and ended up making millions), but the overall picture portrayed is bleak and Manning doesn’t describe how everyday people can take advantage of the credit card economy.

One major liability in this book (no pun intended) is that Manning repeatedly blames the credit card industry for putting so much effort into their marketing. It’s true that the industry uses some sneaky techniques to get people to become lifelong subscription holders to their finance charges, but some of the industry’s marketing can be used for consumer benefit.

Manning has a great angle on the social aspects of our spending society (from a Puritan savings mentality to a commercial spending mentality) and how it affects the separate classes (the system negatively affects the people who need it most while helping the people who need it least). His philosophy on the drawbacks of a culture that punishes production but rewards consumption should also be transferred to taxes as well as credit.

All in all, this is a thoroughly insightful book, which everyone should read.

– JSB Morse