Credit is a tool - one that is needed to keep economic systems working correctly. Depressions don't occur when financial systems pull back - Depressions occur w

Credit is a tool - one that is needed to keep economic systems working correctly. Depressions don't occur when financial systems pull back - Depressions occur when access to financial capital via credit dries up. That said, as a tool, it is often mis-used (virtually anything that starts with a credit card is in this category).