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More than you can pay People tend to use credit card because they would like to spend more money than they actually earn When it comes to paying off the credit card it is never easy If you decide to pay only minimum amount you will end up paying forever and it is even worse when you lose your job Argentina was going through the exact same situation in December 2001 Late 1990s were the period of inflation for Argentina because of the country export was being relatively expensive compared to others which led to overvaluing currency and it started costing them to export and the country to grow Obviously unemployment rate was increasing because it was too expensive to create new jobs and it led to purchasing power to decrease greatly On the other hand the interest rated was increasing that the debt was getting out of control Going through the recession since 1999 crime rate increased and people were rioting which finally led to the resignation of President Fernando de la Rua in December 2001 Rodriguez Saa was elected for the new president who had a plan to comeback The solution for the comeback was to launch new currency Argentino distribute food to the people and provide 1 million new jobs However President Saa also resigned after 10 days of resignation of former president leaving the question about the plan for the solution At the end five presidents were elected within twenty days Unstable economy chaos in the city and default to pay off 155 billions of debt to the World Bank showed no credibility that the investors were losing interest banks and firms were going bankrupt and International Monetary Fund stopped providing loans Slowly numerous of companies and banks were bought by the foreigners 36 millions of people now live in poverty unemployment rate reached 22 and protests and strikes have multiplied People are still protesting for the
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