In that case, you're mostly right, but I think the "using credit to buy assets" point is worth reiterating. Books, training courses, tools, etc, are usually under $3K but could be a "good" use of credit. If someone without much disposable income has the opportunity to take credit to become, say, an MCSE to find a better job, that seems a reasonable use of credit.
In terms of needless consumer goods that return little value, however, right on. The problem, then, is you either have to ruin credit for everyone (good or bad) or you need to find a way to reduce "bad" borrowing.. which is seemingly next to impossible.
In terms of needless consumer goods that return little value, however, right on. The problem, then, is you either have to ruin credit for everyone (good or bad) or you need to find a way to reduce "bad" borrowing.. which is seemingly next to impossible.