🎶You wanna know what's more important than throwin' away money at a strip club? Credit 🎶
~Jay Z, The Story of O.J

I find it very hard to stomach how excited i am, I find myself mesmerized and compelled to discuss this CreditCorp thing with anyone who cares to listen (Not Gpt, i am looking for words that convey exactly how i feel )

If this initiative is properly implemented and well distributed, the basic things of life wouldn't look like luxury to us anymore, our need for charity, giveaways popping up here and there would reduce drastically (hypothetically), businesses would grow, impactful credit products would be structured.

🎶Financial freedom my only hope 🎶
~ Jay Z, The Story of O.J

Financial freedom is the promise consumer credit brings for us,

What is Consumer Credit?

Consumer credit is a personal debt that you can use to purchase goods or services and defer repayment of that money over time,

It’s like wanting to buy a car to avoid yellow buses and conveniently commute to work without having to provide all the capital upfront. With a good credit score, you can obtain debt, buy a car, and commute to work in your own vehicle.
Now, your ability and that of other individuals to borrow money easily enable a well-managed economy to function properly and thereby stimulate economic growth.

Consumer credit has a multiplier effect on the economy, both directly and indirectly. Last night, I was jotting down the effects of a well-implemented consumer credit, and I can't contain my happiness.
Talking about the multiplier effect, let me paint a picture.

“Creditcorp extends a catalytic loan to the auto industry. You need a car, so you applied for an auto loan. Once you’re approved for an auto loan and purchase a car from NORD, your spending automatically creates demand that NORD must fulfill. To meet this demand, the company must increase production, hire more workers, and purchase additional raw materials. Consequently, revenue is generated for both NORD and its suppliers, jobs are created and there’s an increase in income for the workers, who then have more money to spend, further stimulating the economy. With increase in consumption, production, and income, there’s also a rise in government revenue through the collection of personal income tax, corporate income tax, V.A.T, etc. This boost in tax revenue allows the government to invest more in infrastructure, education, health, social services, and other sectors. It’s like a never-ending loop of economic growth”

One of the ways to gauge economic growth is through its GDP, which stands for Gross Domestic Product. GDP serves as a measure of the health and size of a country’s economy. It’s calculated by adding the following economic components: government spending, consumption, investment, and net exports to arrive at a figure.

A properly implemented consumer credit will lead to an increase in consumption, which would in turn, stimulate economic growth because businesses would respond to higher demand by expanding production and hiring more workers. As consumers spend more and businesses earn more, government revenue from taxes increases, which can then be invested by the government to further stimulate the economy. As local demands are met and production capabilities grow, there can be opportunities for exports to increase.

Let us delve (not A.I) into a summary of one of my favorite reads about credit evolution in the greatest country in the world, reference attached:

I was contemplating on creating a chart to illustrate the correlation between the increase in the distribution of consumer credit and the rise of air conditioners, freezers, and other essentials in both China and the United States. It's time-consuming, especially with my focus on making credit the primary means of payment and the main driver of financial transactions in Nigeria and other emerging markets through my startup Beels (currently in beta). And now this extended holiday, please bear with me, as I'm an upcoming essayist,

“it was hardly an exaggeration to say that the American standard of living was bought on the installment plan”
Daniel Boorstin, historian

In 1980 most Americans still thought home computers were frills or expensive toys; color televisions were luxury items in 1960; second bathrooms were a relative luxury in 1940; ditto for cars, refrigerators, and washing machines in 1920. Yet by 21st century standards, using credit to acquire any one of these things is neither extravagant nor extraordinary.

How would the lives of Americans look without credit?

Very different; there would be far fewer households with multiple TV sets, fewer washing machines, clothes dryers, home computers, air conditioners and any other thing regarded as essentials,

Easier access to credit has meant that more consumers can buy more products and services, benefit from them now, and pay them out of future income,

1890:

About 35% of the United States population lived in urban areas, and less than 50% of the United States labor force worked on farms. The telephone had been invented, but only 234 phones were in the United States. Large-scale production was gaining traction, which brought about the production of new products to the market. These appealed to consumers who were beginning to work in jobs that were providing them with enough income to afford more than just the bare necessities.

However, many of the new products—bicycles, sewing machines, kitchen stoves—carried high price tags, and credit wasn’t readily available. If working-class and middle-income Americans wanted to borrow money for a special purchase or to cover an emergency expense, they had two main options other than family members and local retailers: (1) pawn shops and (2) loan sharks.

1920:

During this period, for the first time, more Americans worked in manufacturing (11.2 million) than in agriculture (10.8 million), and the average workweek saw a decrease from 59 hours to 51 hours. There was a huge shift in U.S. retail chains as they increased from one to more than 1000. Between 1900 and 1920, the number of registered passenger cars increased from 8,000 to 8,100,000, and 35% of U.S. households had a radio. Manufacturers adapted assembly line techniques to produce affordable home appliances, ovens, washing machines, radios, telephones, and sewer systems.

You know what helped in bringing all these wonderful products into the hands of many consumers? Exactly! CONSUMER CREDIT!!!

Now, the use of consumer credit has become a part of everyday life in the United States, and by 2000, 70% of U.S. households had at least one general-purpose credit card.

Reporter: How would you describe the creditcorp initiative?
Roger; 🎶My mom (Nigeria) took her money, she bought me bonds (Consumer CreditCorp) That was the sweetest thing of all time, uh Legacy, Legacy, Legacy, Legacy 🎶
~Jay Z, Legacy

In the words of Jay Z, "Legacy, Legacy, Legacy." The legacy of consumer credit is not merely measured in monetary terms but in the lives transformed, opportunities realized, and futures secured.

Notes ;
- Economic growth is influenced by various factors e.g government policies, trade relations, technological advancement, demographic trends but not limited to consumer credit.
- Government spending decisions are influenced by various factors beyond just tax revenue, including political priorities, budget constraints, and societal needs.

Thanks to Becca, Daniel, Tobi, Bella, Prince

Reference ;
Credit History: The evolution of Consumer credit in America. (n.d.). https://www.econlowdown.org/v3/public/credit-history-the-evolution-of-consumer-credit-in-america