If you stop the excessive spending, you may actually pay off your debts prematurely. Guess who it'll hurt? The sponsors of the Economist, the banks and wealthy

If you stop the excessive spending, you may actually pay off your debts prematurely. Guess who it'll hurt? The sponsors of the Economist, the banks and wealthy investors who want at least 2-3% interest for nothing (for lending out money they've accumulated in the past, or money they've generated out of thin air in case of banks). It'll likely also hurt some countries that have accumulated far more debt than they could ever reasonably hope to pay back. Debt also motivated by the same entities hoping to make a buck from nothing. I'm not at all afraid. I have no debt and I invest in things that have actual value when used, like real estate. I don't care if prices drop, because it'll still be real estate with practical value.