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I wouldn't say educate people about the badness of debt. Instead, we should teach that debt is a tool that should be respected. Debt can be a good thing if us
by unclesams-uncle 7y ago
I wouldn't say educate people about the badness of debt. Instead, we should teach that debt is a tool that should be respected.
Debt can be a good thing if used in the right manner (borrowing to buy a home you plan to live in the long term is a prime example).
Financing has its place and its role. What's lacking (on top of general financial education) in society is proper decision-making skills.
Fix that, and these sorts of stories will happen less and less. However, getting there is a whole other can of worms...
- Allower 7y agoThe problem is most people cannot reasonably answer the question "will I be able to pay off this debt in X years?". They just do it because thats what commercials say, thats what their friends say, thats what the bank says. They don't actually consider do they have the skills to acquire the job to earn the income required to pay off their debts. Most people go into debt without a plan for getting OUT of debt, this is the problem.