Quote:
Originally Posted by why?
Debt is basically choosing to enslave yourself to the current banking system. Debt is never ever a good thing for a normal person. Unless a person knows how to earn money off of debt there is never a reason for anyone to choose to be in debt. It is really really easy to play the system to have a good credit score without becoming a debt slave.
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Do you own a house and did you pay 100% up front?
If no to the first half, then you are wasting money on rent that you will never get back, unlike a house payment which has at least some portion you get back (home equity) If no to the second half, then you took on debt.
If yes to both, then you either paid rent longer than you needed to, or were born rich AF and shouldn't be telling normal people what to do.
The point is that properly managed debt is a very useful tool in many cases (including transportation). You have to spend money to make money and not everyone starts with money to spend. Banking, investment, and debt are capitalism's solution to social mobility.