(Image created by A.I. DALL-E/Bing)
There’s a need for everyone to contribute to society. This isn’t a choice as much as a responsibility placed upon ourselves at birth. The concept of money is rooted in this ideology but we’ve pushed things too far with the introduction of debt – paying later for something now.
While some debt may be necessary, we’ve made it too accessible to the point that it’s a problem both from the perspective of the individual as well as a nation.
This can only get worse with time as debt is a lucrative business for banks. They created “credit scores” to determined how “risky” someone is with debt as well as debt packages that can be bought to make money off of.
If there’s money to be made with someone else’ debt then why wouldn’t they want more of it?
The “There’s good and bad debt” is wrong – all debts are bad. However, some debts are less bad than others. If you put yourself in debt to start your own business then we could argue that this isn’t as bad of a debt as buying a four-wheeler. If you buy yourself a house, we could argue that its better than to finance a vacation.
Ironically, the worse people to get in debt are those that don’t have money to begin with because if they fail to pay off that debt they may be loosing more than they bargained for. While banks are also not as willing to lend money to these people, for fear of not being able to get the money back, I would argue that they’ve been lending them money regardless as I know some people that have gone through a few bankruptcies and still seems to be able to get into debt. Perhaps those are the people that banks want to do business with most as they have an excuse to charge excessive fees and interests rates on these debts.
Debt is a form of slavery – avoid it as much as you can.
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