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July 26, 2010

All Business: Financial reform starts in your head

  • Unless Americans radically change their ideas about credit, in five or 10 years we will be in another mess like we're in today.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — The battle over financial regulation is finally over. Now comes the harder part: kicking Americans' love of credit.

    The financial crisis didn't happen just because banks, credit-card companies and mortgage lenders forced consumers to take on massive debt. We willingly gobbled up the easy credit they offered and used it to buy cars and houses, take vacations and go shopping.


     
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