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No interest for one year! No annual fee! No minimum payments for six months! And, if you want to believe Robert Manning, there's no way out of the debt that we find ourselves in, as individuals and as a country. Credit Card Nation combines debt of every kind--consumer, corporate, and governmental--and creates a vast landscape of profit-spewing lenders and struggling debtors present at every level of economics. Appalling statistics set readers off on a depressing journey: the years between 1980 and 1994 saw annual consumer charges skyrocket from $170 billion to $581 billion, with the average household carrying over $4,000 in revolving debt. Accompanied by the erasure of nearly $100 billion in corporate debt and tremendous tax cuts for ever-merging conglomerates, the end of the 20th century seems to be just the beginning of an overwhelming cycle. While Manning's book is extensively researched, it is also extremely readable. Individual stories of junk bondsmen, corporate raiders, and middle-class consumers are threaded throughout the pages of charts and statistics, with a few surprises. While most media would have us believe that students who rack up charge accounts are totally irresponsible, the reality is that some of these students are helping their families with cash-advance loans to make mortgage or insurance payments. Emphasis is also placed on the tremendous advertising budgets of credit card companies: Manning comments on "how quickly the cultural norms have changed in the Credit Card Nation," we see a poster insisting "money can't buy you love, but a credit card can get you started." This is not a self-help book, and Manning has no 12-step program for debtors at any level. Credit Card Nation simply tells it as it is. --Jill Lightner
A sociology professor whose specialty is the effect of credit card debt on college students, Manning expands his focus here to encompass social attitudes toward all types of debt. Suggesting that debt leads not only to financial ruin but also to moral and social degradation, this dense, technical work is filled with jargon (chapter four, for example, is subtitled "Convenience Users and the Ideological Construction of the Moral Divide"). In the first-person interviews with college students, the subjects are rarely allowed to complete a sentence. Instead, Manning embeds phrases from the interviews into his own argument. Since we never learn more than a few facts about each interviewee (not even a last name or college affiliation), they serve as chorus to the monologue rather than adding weight or complexity to Manning's thesis. When relating facts, Manning puts quotation marks around the many terms he disagrees with, conveying his opinion without supporting evidence for his views. Loaded words substitute for exposition: people do not choose to borrow, they are "addicted to credit"; he does not deem them "borrowers," but "users"; no one simply owes money--instead, everyone is "burdened," "oppressed" or "overwhelmed" by debt, even when the debt seems small relative to their assets and income. (Feb. 2)Forecast: Manning's book may interest professional sociologists, but general readers will find it difficult to understand in some places, dogmatic and unsubstantiated elsewhere. However, given its timely topic, the book is likely to receive serious review attention, and will pick up some sales due to Manning's media appearances (he's been featured on ABC World News Tonight, CNN and elsewhere. But the book's academic gloss will keep sales from rising high, despite the millions of Americans suffering from debt overload.
Copyright 2001 Cahners Business Information, Inc.See all Product Description
A striking and keen assessment of the credit card industry and damning expose'of corporate tactics to lure the unsuspecting and inexperienced into a life of consumerism. Read morePublished on Aug. 27 2002 by Dr. J.D. Stelwagen
Robert Manning has written an outstanding history of consumer credit in 20th/21st century America. He covers the significant changes in federal banking laws and regulations, as... Read morePublished on Aug. 1 2001 by Charles S. Gramaglia
First off, I didn't buy or read this book. However, all the reviews motivated me to wonder what all these folks were thinking BEFORE they read the book. Read morePublished on July 25 2001 by Mikem
Credit Card Nation is a scathing, pithy,concise indictment on our consumption- driven society, a society in which the average savings rate is now MINUS 1-3% (! Read morePublished on June 30 2001
This book provides excellent insight into how the credit card industry operates and how they trap ever more suspecting people into a viscious cycle of debt. Read morePublished on June 24 2001 by Frederick S. Goethel
Although there is a short attack on Reagan deficit spending during the eighties, this book mainly focuses on America's increasing dependence on short term debt (i.e. credit cards). Read morePublished on June 18 2001 by Austin Grisham
Robert Manning did very objective homework, analysis, and research, in this very interesting book that most of us, myself included, can relate to. Read morePublished on April 14 2001 by K. Johnson
Robert Manning has provided a vital service to our nation...for many years I was caught in the credit vise, fortunately I entered a counseling program and paid off $30,000 in... Read morePublished on April 12 2001